 Hello and welcome to the Charter of the Week video with me Dave Madden. Today's date is Wednesday the 12th of September and the time has just gone 8.45 British summer time. This week's Charter of the Week is the Hang Seng or as we call it on the CMT trading platform the Hong Kong 50. Take a look at the price action of the last of months. We can see that the Hang Seng has been in a classic downward trend since June, a classic example of lower lows and lower highs and in fact actually only yesterday the market fell to a level not seen since July last year. So talking about near kind of 40 month lows which gives it gives you quite a good indicator of actually how bearish the sentiment is. Taking a look at the MACD indicator, the MACD histogram down here we can see that as the price action was moving lower the last few days we can see all these red candles here. We can see a steady increase in negative momentum. So the MACD indicator measures momentum the rate of change and as you can see there's been a steady rise in negative momentum so the market is driving lower as we have steady increase in the rate of which the bears are actually in control. So the steady increase negative momentum confirms the downward move in the price so we're more confident that this negative move is here to stay. That's it the market can't turn around but it makes it disappointing that the momentum is currently with the sellers. If you do continue to drive lower and if you take out yesterday's low which was just above 26,000 we could see further downward pressure being applied to the Hangsang or it could see the market head back down towards this area here in the kind of 25,000 region. Any moves to the upside in the Hangsang could run into resistance in this area here the mid June low which comes to the play in around 26,726. I move beyond that we could see resistance coming to play in around the 27,500 region. We can see that that area didn't manage to actually as both kind of support on number of occasions in the last number of weeks and if we go beyond 27,500 the next area to keep in mind for to the upside will be this region here the late August high and in around we're talking about an area in around 28,583. It's also worth keeping an eye on the trading relationship between the US and China. This has been the kind of main driving driving force behind the downward move in the Hangsang. Essentially the US has 200 billion dollars worth of tariffs lined up for Chinese imports and they've a further 267 billion dollars worth of tariffs lined up for Chinese imports should they actually wish to go ahead and implement those. From China's point of view, the Chinese government has stated they're going to ask the WTO of the World Trade Organization to place sanctions on the United States in relation to the US not complying with the ruling from a number of years ago. It's also been reported that Beijing is actually now holding back on applications of US companies operating in China. This is going to seen as a way of the Beijing authorities getting back at President Trump. If you have any commentary or any kind of feedback on this video positive or negative, please feel free to leave a review on Google reviews. Well, that's all for me this week. Thank you very much.