Market Observations — Two Different Kinds of Breaks

Source: Bloomberg

With the break of the lower triangle line at around 24,800, we can now confirm that the Hang Seng Index has embarked on a new corrective wave down to potentially the 22K-ish area.

Again, it is being led by HSTECH, whose heavy ownership even now continues to surprise ATEC.

Secondly, the good kind of break

Source: Bloomberg

The Bloomberg Asia Pac Semicon Index (BPRSEMI) did deliver on its potentially bullish setup previously noted.

Powered recently by the DRAM names Hynix and Samsung Elect, the index has taken out an eleven-month long corrective wave channel, hence significantly improving the probability that it has embarked on a new recovery trend.

As long as the index does not reverse back into the channel, ATEC will maintain our bullish stance here.

Good luck out there!

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Upside Technologies

Investing research and thoughts from an Upside user and Portfolio Manager named ATEC, based in Singapore. learn more at https://upsidetechnology.co/