Hong Kong: HANG SENG INDEX (.HSI) energy firms taking a hit following a plunge in oil prices

Hong Kong: HANG SENG INDEX (.HSI) energy firms taking a hit following a plunge in oil prices

Hong Kong: HANG SENG INDEX (.HSI) energy firms taking a hit following a plunge in oil prices

Hong Kong stocks eased today as investors cashed out after the previous day’s rally, with energy firms taking a hit following a plunge in oil prices.

The Hang Seng Index dipped 0.07 per cent, or 20.42 points, to 28,855.14.

The benchmark Shanghai Composite Index lost 0.94 per cent, or 28.68 points, to 3,015.26, while the Shenzhen Composite Index, which tracks stocks on China’s second exchange, fell 1.18 per cent, or 19.10 points, to 1,600.02. 

Overall, the bias in prices is: Upwards.

The projected upper bound is: 29,700.17.

The projected lower bound is: 27,959.12.

The projected closing price is: 28,829.65.

Candlesticks

A white body occurred (because prices closed higher 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 24 white candles and 26 black candles for a net of 2 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 89.2363. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 4 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 63.49. 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 17 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 94. 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 17 period(s) ago.

Rex Takasugi – TD Profile

HANG SENG INDEX closed down -20.420 at 28,855.141. Volume was 33% below average (neutral) and Bollinger Bands were 42% wider than normal.

Open High Low Close Volume___
28,781.97128,891.89128,721.21128,855.1411,331,238,656

Technical Outlook
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish

Moving Averages: 10-period     50-period     200-period
Close: 28,504.20 28,275.10 27,458.58
Volatility: 19 20 22
Volume: 1,779,245,568 1,951,090,048 1,881,282,944

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 5.1% above its 200-period moving average and is in an upward trend. Volatility is high as compared to the average volatility over the last 10 periods. 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 9 periods.

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