Hong Kong: HANG SENG INDEX (.HSI) extends run of losses to six straight sessions
Hong Kong’s Hang Seng index extended its longest losing streak since October 2018 to six straight sessions. It lost 0.87 per cent to end at 26,205.09.
All sectors bar telecommunication services fell, and even that rose just 0.15 per cent. Just six of the 50 constituent stocks ended positive.
AAC Technologies (2018 HK) and Sunny Optical Technology (2382 HK) were the biggest losers. The smartphone component suppliers lost 6 per cent and 4.76 per cent, respectively.
Investors resorted to profit-taking after AAC rose 11.84 per cent last week, while Sunny Optical saw six straight weeks of gains.
Overall, the bias in prices is: Downwards.
The projected upper bound is: 27,050.56.
The projected lower bound is: 25,300.94.
The projected closing price is: 26,175.75.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 2 white candles and 8 black candles for a net of 6 black candles. During the past 50 bars, there have been 21 white candles and 29 black candles for a net of 8 black candles.
Three black candles occurred in the last three days. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.
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 7.5675. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a sell 5 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 43.33. 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 25 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 -122.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a sell 5 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 0 period(s) ago.
Rex Takasugi – TD Profile
HANG SENG INDEX closed down -213.270 at 26,222.400. Volume was 25% below average (neutral) and Bollinger Bands were 5% narrower than normal.
Open High Low Close Volume___
Short Term: Oversold
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 26,807.90 26,763.70 27,671.97
Volatility: 17 21 20
Volume: 1,632,512,512 1,667,606,912 1,798,670,848
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 5.2% below 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 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 10 periods.
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