Hong Kong: HANG SENG INDEX (.HSI) China announced at its annual parliamentary meeting that it has cut its growth target
Markets in Asia were mixed by the end of Tuesday, with China announcing at its annual parliamentary meeting that it has cut its growth target.
Shares in mainland China were higher, with the Shenzhen component rising 2.252 percent to 9,595.74 and the Shanghai composite advancing 0.88 percent to 3,054.25. The Shenzhen composite advanced 2.282 percent to 1,635.98.
Hong Kong’s Hang Seng index was around 0.1 percent higher, as of its final hour of trading.
China kicked off its annual parliamentary meeting, the National People’s Congress, on Tuesday where Premier Li Keqiang said the country must be prepared for a “tough struggle” as it faces a “grave and more complicated environment.”
Official economic growth target this year, he said, will be 6.0 to 6.5 percent, lower than the growth of 6.6 percent in 2018, the slowest pace since 1990.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
By the way, prices are vulnerable to a correction towards 27,653.20.
The projected upper bound is: 29,780.55.
The projected lower bound is: 28,257.59.
The projected closing price is: 29,019.07.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 32 white candles and 18 black candles for a net of 14 white candles.
Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.
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 57.1603. This is not an overbought or oversold reading. The last signal was a sell 4 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 67.73. 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 sell 5 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 81. This is not a topping or bottoming area. The last signal was a sell 0 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 sell 3 period(s) ago.
Rex Takasugi – TD Profile
HANG SENG INDEX closed up 2.010 at 28,961.600. Volume was 13% above average (neutral) and Bollinger Bands were 31% narrower 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: 28,781.56 27,251.90 27,633.29
Volatility: 9 18 22
Volume: 2,345,627,392 1,804,870,528 1,860,535,424
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 4.8% 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 33 periods. The security price has set a new 14-period high while our momentum oscillator has not. This is a bearish divergence.