Hong Kong: HANG SENG INDEX (.HSI) end higher following a global rally
Hong Kong stocks closed higher on Tuesday, following a global rally boosted by expectations that the European Central Bank and the Federal Reserve will cut interest rates.
The Hang Seng index rose 0.3 per cent to 28,466.48, while the China Enterprises Index gained 0.4 per cent to 10,809.92. Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.16 per cent, while Japan’s Nikkei index closed up 0.95 per cent.
The yuan was quoted at 6.879 per US dollar at 08.14 GMT, 0.04 per cent firmer than the previous close of 6.8817.
Overall, the bias in prices is: Sideways.
By the way, prices are vulnerable to a correction towards 28,191.32.
The projected upper bound is: 29,219.58.
The projected lower bound is: 27,719.60.
The projected closing price is: 28,469.59.
Candlesticks
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 8 white candles and 2 black candles for a net of 6 white candles. During the past 50 bars, there have been 25 white candles and 25 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 52.8341. 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 52.21. 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 31 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 -31. This is not a topping or bottoming area. The last signal was a buy 9 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 sell 1 period(s) ago.
Rex Takasugi – TD Profile
HANG SENG INDEX closed up 95.221 at 28,466.480. Volume was 46% below average (neutral) and Bollinger Bands were 54% narrower than normal.
Open High Low Close Volume___
28,392.03928,489.28928,313.78928,466.480 979,411,584
Technical Outlook
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 28,494.06 27,963.95 27,557.22
Volatility: 12 17 21
Volume: 1,115,235,072 1,734,573,184 1,816,582,784
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 3.3% above its 200-period moving average and is in an upward trend. Volatility is low 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 23 periods.
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