Hong Kong: HANG SENG INDEX (.HSI) declined Thursday as a private survey showed Chinese factory activity contracted in July
Asia Pacific markets declined Thursday as a private survey showed Chinese factory activity contracted in July while official data revealed South Korea’s exports fell.
Mainland Chinese stocks slipped on the day: The Shanghai composite fell 0.81% to about 2,908.77 and the Shenzhen component declined 0.63% to 9,268.05. The Shenzhen composite shed 0.524% to approximately 1,563.06.
Hong Kong’s Hang Seng index shed 0.76% to close at 27,565.70. Hong Kong-listed shares of Standard Chartered jumped 2.93% after the lender announced a larger-than-expected first half profit.
Overall, the bias in prices is: Downwards.
The projected upper bound is: 28,302.04.
The projected lower bound is: 26,825.70.
The projected closing price is: 27,563.87.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 23 white candles and 27 black candles for a net of 4 black candles.
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
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 12.6815. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 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 35.35. 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 38 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 -205.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a buy 16 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 8 period(s) ago.
Rex Takasugi – TD Profile
HANG SENG INDEX closed down -212.051 at 27,565.699. Volume was 0% above average (neutral) and Bollinger Bands were 38% narrower than normal.
Open High Low Close Volume___
Short Term: Oversold
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 28,271.56 27,974.05 27,589.11
Volatility: 15 17 21
Volume: 1,280,554,112 1,585,699,072 1,799,594,112
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 0.1% below its 200-period moving average and is in an downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume out of .HSI (mildly bearish). Our trend forecasting oscillators are currently bearish on .HSI and have had this outlook for the last 3 periods.
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