Hong Kong shares edged higher on Thursday following a Wall Street rally driven by relief that U.S. midterm elections produced no major surprises, and as China’s big three telecoms firms rose on new network deals.
The Hang Seng index ended 0.3 percent higher at 26,227.72 points, while the China Enterprises Index gained 0.6 percent, to 10,703.59 points.
The sub-index of the Hang Seng tracking energy shares rose 1.4 percent, while the IT sector dipped 0.31 percent, the financial sector ended 0.24 percent higher and the property sector rose 0.27 percent.
China’s three big telecoms firms posted strong gains for the day, boosted by deals with Finnish mobile telecom network maker Nokia and, for China Mobile, an infrastructure deal with a Guizhou-based big data company. A sub-index tracking the telecoms sector gained 2.27 percent.
Overall, the bias in prices is: Downwards.
The projected upper bound is: 27,341.26.
The projected lower bound is: 25,032.44.
The projected closing price is: 26,186.85.
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 21 white candles and 29 black candles for a net of 8 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 73.0988. This is not an overbought or oversold reading. The last signal was a sell 1 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 53.46. 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 96. 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 buy 5 period(s) ago.
Rex Takasugi – TD Profile
HANG SENG INDEX closed up 80.031 at 26,227.721. Volume was 9% below average (neutral) and Bollinger Bands were 5% narrower than normal.
Open High Low Close Volume___
Short Term: Overbought
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 25,542.80 26,544.06 29,214.54
Volatility: 32 28 24
Volume: 2,105,598,592 1,963,996,928 2,137,855,872
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 10.2% below its 200-period moving average and is in an downward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. Our volume indicators reflect volume flowing into and out of .HSI at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on .HSI and have had this outlook for the last 24 periods.
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