The hard-hit Chinese Hang Seng Index tested a big support level this month. Is this key Chinese stock market index ready to stage a rally here?

Let’s take a look at today’s 2-pack of charts to see why the Hang Seng Index (and perhaps select emerging markets) could be primed for a rally.

Hang Seng Monthly Chart

Looking at the chart below, the Hang Seng this month is testing triple support at point (2). As well, it looks to be creating a large bullish reversal pattern.

Good news for bulls if this support continues to hold…

Global Market Performance Chart

As you can see, Chinese stocks have been very hot of late.