Hong Kong: HANG SENG INDEX (.HSI) ends lower for a second day as concerns linger over US-China trade deal

Hong Kong: HANG SENG INDEX (.HSI) ends lower for a second day as concerns linger over US-China trade deal

Hong Kong: HANG SENG INDEX (.HSI) ends lower for a second day as concerns linger over US-China trade deal

Hong Kong and mainland stocks fell for a second straight day as investors moved to the sidelines amid lingering concerns over the US-China trade deal that will be signed later tonight in Washington. 

The Hang Seng Index shed 0.4 per cent to 28,773.59 at the close today.

Alibaba Group Holding (9988 HK) fell from a record high, finishing 1.3 per cent lower at HK$220.80. B (883 HK) and pork processor WH Group (288 HK) were the worst performers on the Hang Seng, dropping at least 2.1 per cent.

Technical Indicators

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 27,538.17.

The projected upper bound is: 29,641.03.

The projected lower bound is: 27,973.06.

The projected closing price is: 28,807.05.

Candlesticks

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 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 79.6606. This is not an overbought or oversold reading. The last signal was a sell 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 65.20. 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 8 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 97. This is not a topping or bottoming area. The last signal was a sell 0 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 buy 2 period(s) ago.

Rex Takasugi – TD Profile

HANG SENG INDEX closed down -111.551 at 28,773.590. Volume was 19% below average (neutral) and Bollinger Bands were 17% narrower than normal.

Open     High      Low     Close     Volume___
28,891.07028,972.68028,619.10028,773.5901,240,120,704
Technical Outlook 
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period     50-period     200-period
Close: 28,544.41 27,403.78 27,535.62
Volatility: 16 20 19
Volume: 1,565,586,048 1,491,146,496 1,679,618,816

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 4.5% above its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. Our volume indicators reflect moderate flows of volume into .HSI (mildly bullish). Our trend forecasting oscillators are currently bullish on .HSI and have had this outlook for the last 19 periods.

The following two tabs change content below.
HEFFX has become one of Asia’s leading financial services companies with interests in Publishing, Private Equity, Capital Markets, Mining, Retail, Transport and Agriculture that span every continent of the world. Our clearing partners have unprecedented experience in Equities, Options, Forex and Commodities brokering, banking, physical metals dealing, floor brokering and trading.

You must be logged in to post comments :  
CONNECT WITH