The futures contract on the Hang Seng China Enterprises Index is currently seeing its lowest levels of observed volatility of the past five years. But boring it is not, trading up on steady volume towards trend-line resistance, which marks the upper edge of consolidation (in a sort of triangle) since March. Note how well trend-line support (taken from the low in February 2016) has limited the downside so far this year, and likewise retracement support has helped lift prices to form interim lows. The 50- and 200-day moving averages continue to be clearly bullish, as they have been for a year, and the MACD has turned positive, too. It is just a matter of time before the upside is tested.