After a four-year high, the Hong Kong 33 is in a potential bullish consolidation. Technicals, including an ascending triangle and revived RSI momentum, suggest an upward breakout is likely.
Chart of the week: Hong Kong 33
Since its four-year high of 25,869, printed on 13 August 2025, the Hong Kong 33 CFD Index (a proxy of the Hang Seng Index futures) has been trading in a sideways range configuration. Current key technical elements are suggesting a potential bullish consolidation rather than the start of a medium-term bearish topping process.
Fig. 1: Hong Kong 33 CFD Index medium-term trend as of 8 Sep 2025 (Source: TradingView)
Firstly, its price actions have formed an “Ascending Triangle” bullish range consolidation since its high on 13 August 2025, representing a potential continuation of its bullish impulsive sequence within its medium-term uptrend phase in place since 2 June 2025 low.
Secondly, the 4-hour RSI momentum indicator has broken above its parallel descending resistance, which indicates a revival of bullish momentum conditions.
Thirdly, the offshore yuan (CNH) has continued its upward trajectory against the US dollar, which in turn may trigger a positive feedback loop into the Hong Kong and China stock markets.
Watch the 24,880 key medium-term pivotal support, and a clearance above 25,860 (“Ascending Triangle” range resistance) sees the next medium-term resistance coming in at 26,530/26,790 (upper boundary of the major ascending channel from January 2024 low and Fibonacci extension cluster).
However, failure to hold at the 24,880 key support invalidates the bullish tone to expose the next medium-term supports at 24,250 and 23,650.
The information presented is historical information, and past performance is not indicative of future performance.
