The upward pressure in Asian indices appears to be fading fast amid rising global yields and a faltering post-Covid recovery in China. What is the outlook for the Hang Seng Index, Kospi, and FTSE Straits Times Index?
The Hang Seng Index is looking vulnerable as it struggles to hold above crucial support at the May low of 18045, slightly above the lower edge of a declining channel since early 2023 . The increased weakness is a result of a failed attempt earlier this month to rise past a key ceiling at the mid-June high of 20155.Downward momentum appears to be picking up after the cross below 18045. And any break below 17000 could open the way initially toward the November 2022 low of 16830.
This is the first time Kospi has broken pivot support since the rally began at the beginning of 2023. The break follows a fall below another vital floor on the lower edge of the Ichimoku cloud on the daily charts – for the first time since January.The index’s fall below 2515 has triggered a minor double top , potentially opening the way toward 2380. Major support is at the March low of 2350 – the index needs to remain above this support if the eight-month-long rally has to extend.
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