Hong Kong: HANG SENG INDEX (.HSI) cautious traders ignored a record-breaking lead from Wall Street

Hong Kong: HANG SENG INDEX (.HSI) cautious traders ignored a record-breaking lead from Wall Street

Hong Kong: HANG SENG INDEX (.HSI) cautious traders ignored a record-breaking lead from Wall Street

Hong Kong stocks finished slightly lower today as cautious traders ignored a record-breaking lead from Wall Street, with attention now on the release of US jobs data.

The Hang Seng Index eased 0.21 per cent, or 59.37 points, to 28,795.77.

The benchmark Shanghai Composite Index gave up 0.33 per cent, or 10.01 points, to 3,005.25, while the Shenzhen Composite Index, which tracks stocks on China’s second exchange, dropped 0.55 per cent, or 8.78 points, to 1,591.24.

Overall, the bias in prices is: Upwards.

The projected upper bound is: 29,639.79.

The projected lower bound is: 27,898.60.

The projected closing price is: 28,769.19.

Candlesticks

A black body occurred (because prices closed lower 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 24 white candles and 26 black candles for a net of 2 black candles.

Momentum Indicators

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.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 85.0146. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 5 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 62.15. 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 18 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 94. This is not a topping or bottoming area. The last signal was a sell 1 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 18 period(s) ago.

Rex Takasugi – TD Profile

HANG SENG INDEX closed down -59.371 at 28,795.770. Volume was 52% below average (consolidating) and Bollinger Bands were 37% wider than normal.

Open High Low Close Volume___
28,891.97129,007.98028,776.48028,795.770 957,164,608

Technical Outlook
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish

Moving Averages: 10-period     50-period     200-period
Close: 28,563.56 28,248.52 27,466.34
Volatility: 15 20 22
Volume: 1,660,935,168 1,928,271,488 1,876,204,672

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.

Summary

HANG SENG INDEX is currently 4.8% 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 moderate flows of volume into .HSI (mildly bullish). Our trend forecasting oscillators are currently bullish on .HSI and have had this outlook for the last 10 periods.

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