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HANG SENG INDEX
Hang Seng Index News
The Hong Kong stock market on Wednesday wrote a finish to the three-day winning streak in which it had picked up more than 410 points or 1.7 percent. The Hang Seng Index now rests just above the 24,725-point plateau and it may extend its losses on Thursday.
The global forecast for the Asian markets is mixed to lower after the Federal Reserve downgraded its GDP forecast. The European markets were mixed and the U.S. bourses were mostly in the red and the Asian markets also figure to open lower.
The Hang Seng finished barely lower on Wednesday following losses from the financials and casinos, while the oil and insurance companies were mixed.
For the day, the index eased 7.13 points or 0.03 percent to finish at 24,725.63 after trading between 24,635.24 and 24,829.87.
Hong Kong will release August unemployment numbers later today; in July, the jobless rate was 6.1 percent.
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.
By the way, prices are vulnerable to a correction towards 24,822.51.
The projected upper bound is: 25,142.63.
The projected lower bound is: 23,549.74.
The projected closing price is: 24,346.18.
A big black candle occurred. This is bearish, as prices closed significantly lower than they opened. If the candle appears when prices are “high,” it may be the first sign of a top. If it occurs when prices are confronting an overhead resistance area (e.g., a moving average, trendline, or price resistance level), the long black candle adds credibility to the resistance. Similarly, if the candle appears as prices break below a support area, the long black candle confirms the failure of the support area.
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 20 white candles and 30 black candles for a net of 10 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 61.7419. This is not an overbought or oversold reading. The last signal was a sell 0 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 39.72. 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 52 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 -73. This is not a topping or bottoming area. The last signal was a buy 4 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 11 period(s) ago.
Rex Takasugi – TD Profile
HANG SENG INDEX closed down -342.900 at 24,382.730. Volume was 72% below average (consolidating) and Bollinger Bands were 15% narrower than normal.
Open High Low Close Volume 24,676.410 24,713.789 24,341.859 24,382.730 542,027,008
Technical Outlook Short Term: Neutral Intermediate Term: Bearish Long Term: Bearish
Moving Averages: 10-period 50-period 200-period Close: 24,567.66 24,997.94 25,444.38 Volatility: 13 20 30 Volume: 1,622,701,440 1,747,366,912 1,983,212,032
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 4.2% below its 200-period moving average and is in an downward trend. Volatility is low 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 bearish on .HSI and have had this outlook for the last 6 periods.