Hong Kong: HANG SENG INDEX (.HSI) ends six-day stretch of gains
Shares in Hong Kong and Shanghai fell and the yuan declined as China’s weakest trade data since 2016 fueled concern about the impact of a dispute with the U.S. and slowing economy.
The Hang Seng Index fell 1.4 percent, ending a six-day run of gains with its biggest loss since Jan. 2. Cnooc Ltd. was the worst performer, falling 4.7 percent, while Tencent Holdings Ltd. weighed on the benchmark with a 2.8 percent loss. The Shanghai Composite Index closed down 0.7 percent. The offshore yuan fell 0.1 percent against the greenback and the onshore rate — coming off its strongest week since 2005 — pared most of its early advance.
Overall, the bias in prices is: Sideways.
By the way, prices are vulnerable to a correction towards 26,397.65.
The projected upper bound is: 27,396.99.
The projected lower bound is: 25,252.42.
The projected closing price is: 26,324.70.
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 27 white candles and 23 black candles for a net of 4 white 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 86.5716. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 13 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 54.37. 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 62 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 95. 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 4 period(s) ago.
Rex Takasugi – TD Profile
HANG SENG INDEX closed down -368.939 at 26,298.330. Volume was 18% below average (neutral) and Bollinger Bands were 19% narrower than normal.
Open High Low Close Volume___
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 25,932.69 26,054.00 28,034.45
Volatility: 28 26 23
Volume: 1,706,524,800 1,659,136,512 1,866,215,680
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 6.2% below its 200-period moving average and is in an upward trend. Volatility is relatively normal 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 0 periods.