Hong Kong: HANG SENG INDEX (.HSI) fresh optimisms that Beijing and Washington had been making progress on trade talks
On Friday, the 29th of March 2019, Asian stocks surged, buoyed by a rise in Chinese equities, over fresh optimisms that Beijing and Washington had been making progress on trade talks, concomitantly, global bond yields were returned higher following a prolonged glide downwards, galvanized by worries on global economic outlook.
The market mood was lifted, after US officials said that there had been prepotent progresses in trade talks and China had made proposals on critical issues such as Intellectual Property right transfer.
Besides, investors’ optimism was buoyed further on Asia-Pacific morning trading hours, after US Treasury’s Mnuchin had said that he had a “productive working dinner” at previous night (March 28th) in Beijing.
MSCI’s broadest index of Asia-Pacific shares outside japan had lifted 0.5 percent, while Japan’s Nikkei futures added 1 percent. Apart from that, Hang Seng added 0.96 percent to 29.051.36. While 10-year US bond yield was inched up to 2.403 from a previous 15-month low of 2.352, mainland Shanghai had surged more than 3 percent.
On Friday’s (March 29th) market, Industrials had been the most upbeat during the Asia-Pacific trading hours, posting a gain of 0.72 percent over renewed optimism of averting a recession risk and progresses on Sino-US trade talk.
Overall, the bias in prices is: Upwards.
The projected upper bound is: 29,790.21.
The projected lower bound is: 28,401.35.
The projected closing price is: 29,095.78.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 32 white candles and 18 black candles for a net of 14 white candles.
Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.
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 50.2796. This is not an overbought or oversold reading. The last signal was a buy 1 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 56.53. 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 23 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 6. This is not a topping or bottoming area. The last signal was a sell 6 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 5 period(s) ago.
Rex Takasugi – TD Profile
HANG SENG INDEX closed up 276.148 at 29,051.359. Volume was 58% above average (neutral) and Bollinger Bands were 33% narrower than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 29,002.63 28,338.27 27,453.12
Volatility: 17 16 22
Volume: 1,851,335,552 1,884,381,952 1,847,662,080
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 5.8% above its 200-period moving average and is in an downward trend. Volatility is Our volume indicators reflect volume flowing into and out of .HSI at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on .HSI and have had this outlook for the last 3 periods.
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