Hong Kong: HANG SENG INDEX (.HSI) economy’s factories slows amid ongoing US-China trade war
Hong Kong and China markets both ended higher on Wednesday, shrugging off China’s worse-than-expected reading for manufacturing activity for October.
The Hang Seng Index rose 1.6 per cent, or 394.16 points, to 24,979.69, while the Hang Seng China Enterprises Index added 1.4 per cent.
For the month, the Hang Seng Index slumped by 10 per cent, capping a sixth straight month of declines. That was the longest streak of monthly losses since 1982. The Shanghai Composite dropped 7.8 per cent in October, the most for a single month since June.
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the downside.
By the way, prices are vulnerable to a correction towards 26,909.75.
The projected upper bound is: 25,999.86.
The projected lower bound is: 23,870.17.
The projected closing price is: 24,935.02.
A white body occurred (because prices closed higher 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 22 white candles and 28 black candles for a net of 6 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 23.0975. This is not an overbought or oversold reading. The last signal was a buy 0 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 38.04. 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 12 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 -77. This is not a topping or bottoming area. The last signal was a buy 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 18 period(s) ago.
Rex Takasugi – TD Profile
HANG SENG INDEX closed up 394.160 at 24,979.689. Volume was 28% above average (neutral) and Bollinger Bands were 17% wider than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 25,185.48 26,757.63 29,372.18
Volatility: 28 25 23
Volume: 2,082,738,304 1,921,970,176 2,149,259,264
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 15.0% below its 200-period moving average and is in an downward trend. Volatility is high 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 18 periods.
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