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HANG SENG INDEX
Hang Seng Index News
The Hong Kong stock market has finished lower in two straight sessions, plunging more than 500 points or 2.1 percent along the way. The Hang Seng Index now rests just above the 23,235-point plateau although it’s expected to open higher on Monday.
The global forecast for the Asian markets is upbeat, with technology stocks expected to lead the markets higher amidst bargain hunting. The European markets were mixed and the U.S. bourses were sharply higher and the Asian markets figure to follow the latter lead.
The Hang Seng finished modestly lower on Friday following losses from the casinos, financials and insurance companies, while the properties and oil stocks were mixed.
For the day, the index dropped 75.65 points or 0.32 percent to finish at 23,235.42 after trading between 23,124.25 and 23,495.26.
HSI serves as a market benchmark that reflects the overall performance of the Hong Kong stock market. Its free float-adjusted mkt-capitalization-weighted stk-mkt index and used to record and monitor daily changes of the largest companies of the market.
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 24,519.90.
The projected upper bound is: 24,168.51.
The projected lower bound is: 22,578.04.
The projected closing price is: 23,373.28.
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 13.6080. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a sell 7 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 30.99. This is not a topping or bottoming area. However, the RSI just crossed above 30 from a bottoming formation. This is a bullish sign. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 0 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 -114.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a buy 11 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 170.891 at 23,406.311. Volume was 70% below average (consolidating) and Bollinger Bands were 20% wider than normal.
Open High Low Close Volume 23,284.090 23,421.930 23,250.340 23,406.311 570,694,848
Technical Outlook Short Term: Oversold Intermediate Term: Bearish Long Term: Bearish
Moving Averages: 10-period 50-period 200-period Close: 23,961.75 24,761.93 25,348.99 Volatility: 19 20 30 Volume: 1,604,635,520 1,731,769,856 1,992,935,680
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 7.7% below its 200-period moving average and is in an downward trend. Volatility is relatively normal 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 13 periods.
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