The Hang Seng Tech Index continued its strong downward trend this week as some key Chinese technology companies published weak financial results and as mainland Chinese investors continued selling Hong Kong shares.

It tumbled to a low of H$5,100, its lowest level since June last year, and is down by over 23% from its highest level in 2025. This retreat has shed billions of dollars in value.

Why the Hang Seng Tech Index has slumped 

The Hang Seng Tech Index, which is Hong Kong’s equivalent of the Nasdaq 100 Index, has crashed in the past few weeks as many Chinese technology companies have struggled.

It also retreated as many Mainland China investors have continued dumping these shares. According to Bloomberg, the investors have dumped billions of dollars in the past few months. They sold shares worth over $946 million on Thursday, continuing a trend that has been going on in the past few weeks.

Some notable companies have published weak financial results. For example, Baidu stock price has retreated in the past few weeks after it reported weak financial results. Its revenue dropped by 4% in the last quarter to over 32.74 billion yuan ($4.8 billion). This revenue figure was lower than the expected 32.6 billion.

Baidu’s results showed that its adjusted operating profit dropped by 41% to over 2.97 billion. Its advertising business has continued slowing, while its AI business has faced major competition from popular names like DeepSeek and Alibaba.

Most Hang Seng Tech Index companies have continued falling in the past few months. Trip.com, the biggest travel technology company in the country, has slumped by over 27% this year, making it the top laggard in the index. It slumped after Beijing launched an antitrust investigation into the company and after its revenue growth slowed.

Kingdee International stock price tumbled by over 22% this year as its revenue growth slowed and as investors continued selling software giants. Meituan stock has slumped by 20% as competition with companies like Alibaba and JD.

The other top laggards in the Hang Seng Tech Index are Tencent Music Entertainment, XPeng, Tencent Holdings, Sunny Optical, and Xiaomi.

On the other hand, the top Hang Seng Tech Index gainers are companies like Hua Hong Semiconductor, SenseTime, Bilibili, Alibaba Health, and Haier Smart Home.

Hang Seng Tech Index technical analysis 

The daily timeframe chart shows that the Hang Seng Tech Index has plunged in the past few months even as top global indices like the TSX Composite and Nasdaq 100 are hovering near their all-time highs.

It has slumped from a high of $6,715 in October last year to the current $5,162. It has moved below the key support level at $5,370, its lowest level in November and December last year.

The index has remained below the Supertrend indicator. It also formed a death cross pattern as the 50-day and 200-day Weighted Moving Averages (WMA) crossed each other.

The Average Directional Index (ADX) has continued rising, reaching a high of 28, its highest level since October last year, a sign that the downtrend is gaining momentum.

Therefore, the most likely scenario is where the Hang Seng Tech Index continues falling, potentially to the key support level at $5,000.

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The Chinese yuan is soaring and beating the US dollar as the debasement trade gains steam. The USD/CNY exchange rate was trading at 6.8365, its lowest level since April 2023. It has dropped in the last 14 consecutive weeks, and is down by almost 7% from its highest level last year.

Why the Chinese yuan is in a strong bullish run 

The USD/CNY exchange rate continued its strong downward trend as the US dollar debasement trade gained steam. This performance mirrors the performance of other Asian currencies.

The USD/KRW dropped to 1,425 from last year’s high of 1,485. Other Asian currencies from countries like Singapore, Malaysia, and Indonesia have continued soaring this year.

Similarly, top emerging market currencies like the South African rand, Brazilian real, and Mexican peso have all jumped in the past few months.

The Chinese yuan continued rising this week after President Trump suffered a major setback on his tariffs last week when the Supreme Court ruled against his IAAPA tariffs. Analysts believe that China is a top beneficiary as Trump’s vast tariffs power has been trimmed.

For example, while Trump has implemented new tariffs, these ones are more limited as they can only last for 150 days. The other tariffs can only be implemented after a long investigation.

At the same time, the Chinese economy is doing well and has largely separated itself from the United States. A report released in January showed that China’s exports jumped sharply last year, while the trade surplus soared to over $1 trillion.

The USD/CNY exchange rate has tumbled because of the falling US dollar as concerns about the economy continued. For example, US public debt has jumped to over $38 trillion, and the upcoming war in Iran may make it worse.

Market participants are growing increasingly concerned about the debt and whether the US will be able to pay. That explains why long-term bond yields are struggling, with the 30-year soaring to over 4.5%.

The Chinese yuan continued rising on Thursday after the People’s Bank of China signaled tolerance for a managed appreciation of the currency. It set the reference rate at 6.9228, a sign that officials are open to a stronger currency. In a note, an ANZ Bank analyst said:

“The key message is that the authorities are not attempting to halt the appreciation, but rather ensure that the appreciation pace is at a trot and not at full gallop.”

USD/CNY technical analysis 

The weekly timeframe chart shows that the USD/CNY exchange rate has been in a strong downward trend in the past few months. It dropped below the key support level at 7, its lowest level in September 2024. This price was the neckline of the triple-top pattern.

The pair is about to form a death cross pattern, which happens when the 50-week and 200-week Exponential Moving Averages (EMA). A death cross is one of the most common bearish continuation sign in technical analysis.

The Average Directional Index (ADX) soared to 50, its highest level since 2022. A soaring ADX is a sign that the momentum is gaining steam.

Therefore, the pair will likely continue falling, potentially to the key support level at 6.6962, its lowest level in January 2023.

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The Diageo share price suffered a harsh reversal this week, making it one of the worst-performing companies in the FTSE 100 Index. It plunged to a low of 1,585p on Wednesday, its lowest level since January 9 as the company reported weak financial results and slashed its dividend. So, is it safe to buy the dip or sell the rip?

Diageo share price crashed after weak earnings

Diageo, the company behind popular brands like Guinness and Smirnoff, reported weak financial results as the alcoholic beverage industry faces major headwinds. Its results mirrored those of other companies in the industry like Boston Beer and Constellation Brands.

Diageo’s results showed that its net sales dropped by 4% in the six months to December 31st. Its revenue fell to $10.5 billion, with growth in Europe, Latin America, and Africa offset by more weakness in its key North America and Chinese markets.

These results confirmed the view that beer consumption continued falling in the United States and other key markets. Data shows that US beer production and consumption fell by 1% in 2024, a trend that continued last year.

The company’s business was also affected by Donald Trump’s tariffs, which affected some of the brands it makes in Europe. 

Diageo’s results showed that the company’s reported operating profit dropped by 1.2%, while its organic operating profit margin fell by 2.8%. 

It also lowered its guidance and now expects that its sales slowdown will continue this year and drop by 2-3% this year as the US market weakens. 

It is against this backdrop that the company, under Dave Lewis, decided to cut its dividends and accelerate its cost cuts. It now expects to have a payout ratio of between 30% and 50% as it continues to improve its dividend.

The company has continued exiting some key markets to improve its balance sheet. For example, it will receive over $2.3 billion later this year after selling its Kenyan operations.

Therefore, the question among investors is whether it is safe to buy the dip or short the company. The case for shorting the company is the view that its business will continue to deteriorate in the coming months and years as beer consumption falls and competition in key markets rise.

On the other hand, the case for buying the company is that the worst has already happened now that it has already slashed its dividend and issued weak guidance. In the past, some companies have thrived after slashing their dividends.

Diageo stock price technical analysis 

The weekly timeframe chart shows that the Diageo stock price has been in a strong downward trend, moving from 3,670p in 2022 to the current 1,616p. It has formed a descending channel and is now slightly above the lower side.

The stock has remained below all moving averages, while the Relative Strength Index (RSI) has retreated and moved below the neutral point level.

Therefore, based on trend-following, the most likely scenario is where it continues falling, potentially to the key support level at 1,000p. This view will be confirmed if it moves below the lower side of the channel.

In the future, however, the stock will likely bounce back as investors wait for the impact of turnaround.

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IAG share price continued its strong rally, reaching its all-time high as the company prepared to release its financial results on Friday this week. It has jumped for three consecutive months and is up by over 430% from its lowest level during the pandemic. So, will the stock continue rising or crash after its earnings?

IAG will publish its financial results on February 27

IAG, the parent company of top airlines like British Airways, Iberia, and Aer Lingus, has done well in the past few years, helped by the ongoing revenue and profitability growth.

The most recent results showed that revenue and profitability growth gained momentum in the third quarter of last year, continuing a trend that has been going on for months. It also continued paying its dividends, with its yield standing at 2.1%, while its buyback has continued.

Most importantly, the company has continued to repair its balance sheet following the woes during the pandemic, with the net leverage being 0.8x and the gross 1.9x.

The recent results showed that its revenue was flat in the third quarter at €9.32 billion, while its profit after tax fell by 2.3% to €1.4 billion during the quarter. Also, its nine-month revenue rose by 4.9% to over €25.23 billion, while its profit after tax rose by 15.5% to over €2.7 billion.

This revenue and profitability growth is expected to continue doing well. However, there is a risk that the passenger business struggled because of the performance of the passenger business.

Additionally, the company faced challenges in its North American business, where travel has softened, and competition has remained stiff. The US business will likely remain under pressure after Trump suspended travel from key countries.

IAG maintained its forward revenue guidance and pointed to robust profit growth for the year. It expects that its capacity for the year will jump by 2.5% and that its capital expenditure will be 3.7 billion euros. This growth will be driven by its capacity increases and new routes, including to Kuala Lumpur, Bangkok, Boston, Washington, and Indianapolis.

Most notably, the company will likely announce a new dividend and share buyback policy. It has likely completed the 1 billion euro buyback it announced last year, and the management pledged to announce more returns this month. 

IAG share price technical analysis

The weekly chart shows that the IAG stock price has been in a strong uptrend in the past few months and is now at an all-time high. It has crossed the important resistance level at 441p, confirming a bullish breakout.

The risk, however, is that the company has formed a rising wedge pattern, which is made up of two ascending and converging trendlines. These two lines are now nearing their confluence levels

At the same time, the Percentage Price Oscillator (PPO) has formed a bearish divergence pattern. Therefore, there is a risk that the stock will experience a brief pullback after earnings and then resume the uptrend.

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The USD/ZAR exchange rate continued its rally this week as the dollar debasement trade gained momentum. It dropped for four consecutive days to trade at 15.95, down by 20% from its highest point last year. This article provides a forecast for the South African rand.

South African rand rallies amid the dollar debasement trade

The South African rand, often seen as a bellwether for the emerging market currencies, is firing on all cylinders. This growth has mirrored the performance of other top emerging market currencies, like the Chinese yuan, South Korean won, and Taiwan dollar, which have all soared.

These currencies have soared as the US dollar has remained weak for months. Data shows that the US Dollar Index (DXY) has dropped from last year’s high of 110 to the current $98.

The US dollar has dropped during the Donald Trump era because of his isolationist policies, including by implementing global tariffs. It is now considering attacking Iran, a country with over 90 million people. 

As a result, many companies and investors have started to evaluate their dollar positioning and their exposure to the US. A good example of this is China, which has reduced its US government Treasuries holdings from over $1.2 trillion a few years ago to below $700 billion. It has then bought gold worth billions of dollars. 

South Africa’s economic growth

The USD/ZAR pair has also slumped because of the ongoing economic growth of the South African economy after the political union between the African National Congress (ANC) and the Democratic Alliance (DA) parties.

This alliance has led to a boost in business confidence in the country. It has also led to major improvements in key areas of the economy, including Eskom, which has largely ended the regular power outages in the country.

The South African rand also jumped because of the ongoing gold pricesurge, which has done well in the past few months. It rose to over $5,000, a trend that may continue in the coming months as geopolitical risks jumped.

South Africa’s exports have jumped, while inflation has continued moving downwards in the past few months.

USD/ZAR technical analysis 

The weekly timeframe chart shows that the USD/ZAR exchange rate formed a double-top pattern at 19.88, its highest level in May 2023 and April 7. It has now moved below the important support level at 17.05, its lowest level in September 2024.

The pair has now dropped to the 61.8% Fibonacci Retracement level. Also, the pair is about to form a death cross pattern, which happened in August last year when the 50-week and 200-week Exponential Moving Averages (EMA) crossed each other.

The pair is forming a bearish flag pattern, which is made up of a vertical line and a consolidation sign. It also remains below the Ichimoku cloud and the Supertrend indicators, potentially to the next key support level at 15, which is nearly 6% below the current level. 

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The USD/JPY exchange rate continued rising this week, reaching its highest level since February 10 after Sanae Takaichi nominated two dovish central bank officials. It rose to a high 156, much higher than the year-to-date low of 152.28.

Sanae Takaichi nominates dovish Bank of Japan officials

The Japanese yen has retreated in the past few weeks, even as the US dollar debasement continued. This rally happened after Sanae Takaichi nominated Ayano Sato and Toichiro Asada to replace Asahi Noguchi and Junko Nakagawa.

The two officials are widely seen as being highly dovish, a move that may seek to counter the moderately hawkish governor, who has delivered several interest rate hikes. 

It recently hiked interest rates to 0.75%, the highest level in over 25 years. Most analysts believe that the bank will hike interest rates in the coming weeks.

The new nominations came a week after Takaichi met with Governor Kazuo Ueda and pressed against interest rate hikes.

The next major catalyst for the USD/JPY exchange rate will be the upcoming Japanese inflation, retail sales, and industrial production numbers.

Economists polled by Reuters expect the upcoming report to show that the Tokyo consumer price index (CPI) rose 1.5% in February. Core inflation, which excludes the volatile food and energy prices, rose 1.7% in January from 2.0%.

More data shows that Japan’s industrial production rose 5.3% in January after falling by 0.1% in December. Also, retail sales are expected to come in at minus 0.4%.

Japan’s economy has done relatively well in the past few months, helped by the ongoing demand for semiconductors amid the ongoing artificial intelligence (AI) boom.

The USD/JPY exchange rate also jumped after the Supreme Court ruled against Donald Trump’s tariffs on Friday.  Trump has now implemented a 10% global tariff using Section 122 rules that allow the president to impose tariffs that last for 150 days.

USD/JPY technical analysis 

The daily timeframe chart shows that the USD to JPY exchange rate has done well in the past few months, moving from a low of 139.94 in April last year to a high of 159 earlier this year. It then retreated to a low of 152.28 on January 27.

A closer look shows that the pair formed a double-bottom pattern at 152.28 and a neckline at 157. A double-bottom is one of the most common bullish reversal sign in technical analysis, which explains why it has rebounded in the past few days.

The pair is now approaching the Major S&R pivot point of the Murrey Math Lines tool. It has also moved above the 50-day and 100-day Exponential Moving Averages (EMA) and the Supertrend indicator.

Therefore, the most likely USD/JPY forecast is bullish, with the next key target being at 159.63, its highest level in January this year. A move above that level will point to more gains, with the next key target being the ultimate resistance level at 162.50.

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The HSBC share price jumped by over 3% in Hong Kong, reaching a high of $140, its highest level since February 11. It is nearing its all-time high of $141.5, up by 102% from its lowest level in April last year. It has jumped by over 300% in the last five years, bringing its market capitalization to over $300 billion.

HSBC published strong financial results 

HSBC share price has done well in the past few years, making it one of the best-performing companies in the Hang Seng and FTSE 100 indices.

The stock continued this week after the company published its annual report, which showed that its growth and profitability were better than expected.

Its report showed that its reported profit before tax came in at $29.9 billion in 2025, down by $2.4 billion in 2024. The decline was due to over $4.9 billion in notable events, due to disposals of its business in Canada and France, impairments on the Bank of Communications business, and its restructuring.

Excluding the notable events, the company’s profit before tax jumped by $2.4 billion to over $36.6 billion, while the Return on Tangible Equity (RoTE). Total revenue jumped by 4% to over $68.3 billion.

The company’s business was boosted by its booming wealth management business, which has continued growing in the Asian business. Its wealth management business made over $2.1 billion in fees in the fourth quarter, up by 20% from the same period in 2024.

The results showed that its business received over $78 billion in deposits last year, bringing the total deposits to over $1.75 trillion. 

Most notably, the company expects that the growth will continue in the coming years. Its RoTE jumped to 17.6%. It expects that the RoTE will remain above 17% in the next few years.

HSBC also expects that the revenue growth will continue in the coming years. The estimate is that the revenue will jump 5% in 2028, while its dividend growth will accelerate in the coming years.

READ MORE: Here’s why the HSBC share price is in a strong bull run

At the same time, HSBC expects the company’s net interest income (NII) to be at least $45 billion this year, while its CET1 ratio will remain between 14% and 14.5% this year. In a statement, Georges Elhedery, the CEO, said:

“We are also targeting year-on-year revenue growth over the same period on the same basis, rising to 5% in 2028. We are becoming a simple, more agile, focused bank, one that moves with the speed our customers.”

HSBC has done well in the past few years, helped by its ongoing turnaround efforts by Elhedery. He has merged key businesses, announced thousands in layoffs, and doubled down on the Asian business. Most recently, he acquired Hang Seng Bank, its Hong Kong subsidiary.

HSBC share price technical analysis 

The weekly chart shows that the HSBC stock price has been in a strong uptrend in the past few years, soaring from a low of $29.60 in 2022 to $140. It has continued making a series of higher highs and higher lows.

Consequently, the stock has remained above all moving averages, while the Relative Strength Index (RSI)  has jumped to the overbought level of 77. It moved above the MACD and the Percentage Price Oscillator (PPO).

Therefore, the most likely scenario is where the HSBC stock continues rising in the coming weeks, with the next key target level being at $150.

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The USD/CNY exchange rate continued its strong downward trend this week, reaching its lowest level since April 2023. It dropped to a low of 6.8955, down sharply from the all-time high of 7.3500 as the Chinese yuan gains steam. 

Chinese yuan gains steam after the Supreme Court tariff ruling

The USD/CNY pair continued its strong downward trend after the Supreme Court ruled against Donald Trump’s tariffs. It has dropped in the last 14 consecutive weeks, making the yuan one of the best-performing currencies this year.

The yuan soared after the People’s Bank of China (PBOC) delivered its interest rate decision. As was widely expected, officials left interest rates unchanged, with the 1-year remaining at 3% and the 5-year at 3.5%.

The rate decision is a sign that Beijing’s officials are comfortable with the stronger currency, which may affect the economy. 

This decision came a few days after the SCOTUS ruled against Trump’s tariffs, a move that will give China an upper hand in negotiations. 

Also, the decision came as recent macro data showed that the country’s economy is slowing. The most recent report showed that the economy slowed by 4.5% in the fourth quarter, its slowest pace since 2022.

Another recent report showed that the country’s retail sales dropped to a three-year low of 3% in December. China has also remained in a deflationary period in the past few years.

The US Dollar Index has slumped

The USD/CNY exchange rate has slumped because of the ongoing US dollar crash. Data shows that the dollar index slumped to $97.83 on Tuesday, down sharply from the all-time high of $110.18.

The dollar retreated after the US published a weak economic report. For example, a report released last week showed that the American economy expanded by 1.4% in the fourth quarter, badly missing the expected growth of 3.3%.

More data showed that the labor market has stagnated, with a senior Federal Reserve official warning that the economy likely lost jobs last year. The unemployment rate has remained above 4% this year.

Looking ahead, the USD/CNY pair will react to a potential US attack on Iran. It will also react to the upcoming statements by some of the top Federal Reserve officials like Raphael Bostic, Lisa Cook, Christopher Waller, and Susan Collins. 

The US will also publish more macro data, including the upcoming consumer confidence and house price index. 

USD/CNY technical analysis 

The weekly timeframe chart shows that the USD to CNY exchange rate remains under pressure. It formed a triple-top pattern at 7.3400 and the neckline at 7.

The pair has now moved below the 38.2% Fibonacci Retracement level. Most notably, it is about to form a death cross pattern as the spread between the 50-week and 200-week Exponential Moving Averages (EMA) narrows. 

The pair remains below the Supertrend indicator, while the Average Directional Index (ADX) soaring to 50. That is a sign that the downward trend is gaining steam.

Therefore, the most likely scenario is where the USD/CNY pair continues falling, with the next key target being at 6.70, the 61.8% Fibonacci Retracement level. 

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The London Stock Exchange Group share price has come under pressure in the past few months, mirroring the performance of other similar companies amid AI disruption jitters. It was trading at 7,706p on Tuesday, down sharply from last year’s high of 12,025.

London Stock Exchange Group in focus ahead of earnings 

The LSEG share price has slumped in the past few months as the company continues facing major headwinds across most of its business.

For example, its exchange business is facing challenges as the Initial Public Offering (IPO)  drought has accelerated this year, as no companies have gone public there in the past few months.

At the same time, some top companies have changed their listing from the UK to the United States. Some of the most notable companies are names like Flutter Entertainment and CRH. Other large companies like Beazley and Schroders have received takeover offers.

The company’s data business is also facing major challenges as investors remain concerned that new and upcoming AI tools will disrupt its business. 

This is important because, while the London Stock Exchange is known for its listings and trading, its most profitable business is its data and analytics business. Its data and analytics business grew after the company acquired Refinitiv, the data platform from Reuters.

The most recent results showed that its data and analytics business grew by 2.9% in the third quarter to over £982 million, while its FTSE Russell and Risk Intelligence rose by 7.1% and 9.9% to over £241 million and £144 million, respectively. This growth brought its revenue to £2.2 billion, up by 4.8% from the same period a year earlier.

The company also announced that a group of banks acquired a 20% stake in its Post Trade Solutions business. This acquisition helped the company to announce more share buybacks, increasing its purchases to £1 billion by February.

The upcoming results come a few weeks after Elliot Management acquired a big stake in the company. According to Reuters, the hedge fund is calling on the company to launch a £5 billion share buyback program.

Also, analysts believe that the company can sell its 51% stake in TradeWeb to generate cash for these buybacks. TradeWeb has a market capitalization of over $25 billion.

City analysts are still optimistic that the company’s growth will continue in the foreseeable future. 

The consensus estimate is that its annual revenue for 2025 was £9.3 billion, which will then grow to £9.8 billion and £10.5 billion in the next two consecutive years.

Also, analysts believe that its underlying profit will jump to £2.17 billion in 2025 followed by £2.3 billion and £2.5 billion in the next two years.

LSEG share price technical analysis 

LSEG stock chart | Source: TradingView

The weekly timeframe chart shows that the LSEG share price has slumped in the past few months, moving from a high of 12,025p in February last year to the current 7,706p.

It has slumped below the key support level at 8,125p, its lowest level in September last year. Also, the stock is about to form a death cross pattern as the spread between the 50-week and 200-week Exponential Moving Averages (EMA) narrow.

Therefore, the most likely scenario is where the stock remains under pressure in the near term. If this happens, the stock may continue falling, potentially to the psychological level at 7,000p.

However, in the long term, the stock will likely bounce back as investors buy the dip and the fears of AI disruption fade.

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The Diageo share price has done well in the past few weeks as investors bought the dip amid the ongoing turnaround efforts.

DGE has risen in the last nine consecutive weeks, reaching a high of 1,858p, its highest swing since November 10.

It has jumped by nearly 18% from its lowest level this year as traders wait for the upcoming financial results.

Diageo to release its earnings on Wednesday 

Diageo is one of the biggest companies in the alcoholic beverage industry globally. It owns top brands like Smirnoff, Johnnie Walker, Guinness, Captain Morgan, and Ciroc.

Like other alcoholic beverage companies, such as Heineken, AB InBev, Constellation Brands, and Boston Beer, its stock has plunged in the past few months as consumption has dropped and competition has jumped.

Most notably, the company is contending with a global glut in the spirit industry.

Diageo share price has dropped by nearly 50% from its highest level in December 2021.

The company is now working on a turnaround strategy, led by Dave Lewis, the new Chief Executive Officer, who replaced Debra Crew, who left the company late last year.

As part of its turnaround strategy, Diageo has sold some of its businesses, including Sheridan to Casa Redondo. It also sold other companies like Pampero, Cacique, and Safari.

Additionally, the company sold its operations in Italy, Ghana, Seychelles, Nigeria, and Kenya. It is also considering exiting the Chinese market.

These transactions aim to simplify its business and boost its margins.

The next key catalyst for the Diageo share price will be the upcoming financial results, which will shed more color on its business and its operations.

In its recent trading statement, Diageo noted that its organic net sales remained flat in the first quarter of fiscal year 2026.

The company noted that it experienced organic net growth across Europe, Latin America, and Africa. This growth was offset by weakness in the Chinese and US markets.

Sales dropped by 2.2% to $4.87 billion, partly because of its disposals and the impact of foreign exchange.

At the same time, the management continued to cut costs, and is estimated to cut over $625 million in the next three years.

On the positive side, the company has become a bargain, with the price-to-earnings (PE) ratio falling to 15.4, lower than the FTSE 100 Index average of 18.

It is also lower than that of other companies like Brown-Forman, Constellation Brands, and Ab InBev.

Diageo share price technical analysis 

The weekly timeframe chart shows that the Diageo stock price has crashed from 3,660p in January 2022 to a low of 1,587p in December last year.

Diageo stock has now rebounded to 1,858p to its highest level since November. It has moved above the key resistance level at 1,755p, its lowest level during the pandemic.

The stock has moved above the upper side of the large falling wedge pattern, a common bullish reversal sign in technical analysis. Also, the Relative Strength Index (RSI) and the MACD indicators have continued rising in the past few weeks.

Therefore, the falling wedge pattern is a sign that it may rebound in the coming weeks, with the next key level to watch being at 2,075p, the 23.6% Fibonacci Retracement level. 

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