Hang Seng Index may have a bullish breakout

The Hang Seng Index ('HSI') has convincingly broken above its strong horizontal resistance of 21000 when it gained 300 points to hit 21317 level at 10.16 a.m. this morning. If this bullish breakout can sustain for the next day or two, the Hong Kong stock market's uptrend will continue (see the chart below).


Chart: Hang Seng Index's daily chart as at June 15 (courtesy of Yahoo Finance)

This breakout will re-inforce the bullish breakout of Hong Kong Exchange & Clearing Limited ('HKEX') as noted in my earlier post (go here). In fact, HKEX has gained HK$3.20 (or 3.37%) to hit HK$98.90 as at 11.23 a.m. this morning. HKEX-C1, traded on our exchange, has gained 7 sen to hit RM0.855 as at 11.51 a.m. this morning.