Hong Kong: HANG SENG INDEX (.HSI) bullish optimism emerging for a thaw in U.S.-China trade talks
Asian stock markets struggled Monday, with some spotty gains amid bullish optimism emerging for a thaw in U.S.-China trade talks.
The Chinese state-run Xinhua news agency said Sunday that China’s President Xi Jinping will attend the G-20 summit in Japan this week, giving the first official confirmation of his attendance at the meeting, where he has been expected to talk on the sidelines U.S. President Donald Trump.
Vice President Mike Pence on Friday called off a planned China speech, presumably to clear the way for a high level head-to-head.
Against that backdrop, Hong Kong’s Hang Seng Index HSI, +0.14% closed up 0.1%, while China’s Shanghai Composite SHCOMP, +0.21% firmed 0.2% and the smaller-cap Shenzhen Composite 399106, -0.09% was flat.
Overall, the bias in prices is: Upwards.
The projected upper bound is: 29,331.45.
The projected lower bound is: 27,631.99.
The projected closing price is: 28,481.72.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 25 white candles and 25 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 94.4066. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 8 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 61.48. 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 11 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 125.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 8 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 11 period(s) ago.
Rex Takasugi – TD Profile
HANG SENG INDEX closed up 39.289 at 28,513.000. Volume was 31% below average (neutral) and Bollinger Bands were 16% wider than normal.
Open High Low Close Volume___
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 27,797.61 28,448.38 27,444.60
Volatility: 21 19 22
Volume: 1,857,095,680 1,992,871,040 1,875,510,272
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 3.9% above its 200-period moving average and is in an upward trend. Volatility is high 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 3 periods.