Despite all the volatility, I reiterate my previous statement that HK Market’s short term bottom has been confirmed. While the Philippine stock index has continued to breakdown from most of the support level and made new lows, the HK market has been fairly resilient and is continuing to make higher highs. From this chart, we can see that Hang Seng opened 14,691.90 and this has marked the low of the day. The whole intraday chart was continuously spiking up during yesterday’s session as high as 15,460.90 points to close at 15,323.01, up 768.80 points or 5.28% higher than last Friday’s close.

Recommendation: Hold on to positions. For those who haven’t bought anything yet. Use downticks if any to buy nearer to the support.

Hang Seng’s daily chart confirms the bullish view, that a short term bottom has been retested and confirmed. Large volumes accompanied with the previous days also show that a market bottom is in place. Expect a possible rally at about 17,000 in the next few days.

Intraday Chart shows that 14,500 has been retested 3 times. Buy stocks.