HANG SENG INDEX (.HSI) drops 1.2%
Hong Kong stock market closed session lower on Wednesday, 13 June 2018, as some investors retreated to the sidelines to see the results of the U. S.
Federal Reserve’s policy meeting, due out later Wednesday. Market falls led by Chinese telecoms equipment maker ZTEas it resumed trading after a two-month suspension and agreed to pay a combined US$1.4 billion in fines, as well as make changes in senior leadership and replace its board of directors, as part of a deal to lift US sanctions. The Hang Seng Index fell 1.2%, or 377.91 points, to close at 30,725.15, while the China Enterprises Index ended down 1.4% at 12,035.63 points.
Overall, the bias in prices is: Sideways.
By the way, prices are vulnerable to a correction towards 30,785.04.
The projected upper bound is: 31,695.53.
The projected lower bound is: 29,782.88.
The projected closing price is: 30,739.20.
A big black candle occurred. This is bearish, as prices closed significantly lower than they opened. If the candle appears when prices are “high,” it may be the first sign of a top. If it occurs when prices are confronting an overhead resistance area (e.g., a moving average, trendline, or price resistance level), the long black candle adds credibility to the resistance. Similarly, if the candle appears as prices break below a support area, the long black candle confirms the failure of the support area.
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 24 white candles and 26 black candles for a net of 2 black candles.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 21.4135. This is not an overbought or oversold reading. The last signal was a sell 3 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 48.35. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 79 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -3. This is not a topping or bottoming area. The last signal was a sell 3 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 6 period(s) ago.
Rex Takasugi – TD Profile
HANG SENG INDEX closed down -377.910 at 30,725.150. Volume was 23% below average (neutral) and Bollinger Bands were 44% narrower than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 30,967.47 30,622.32 29,882.63
Volatility: 19 20 20
Volume: 2,052,075,648 1,869,428,864 2,147,984,384
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
HANG SENG INDEX is currently 2.8% above its 200-period moving average and is in an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of .HSI at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on .HSI and have had this outlook for the last 5 periods.
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