Hong Kong: HANG SENG INDEX (.HSI) Halts Losing Streak
The Hong Kong stock market has fallen lower in three straight trading days, sliding almost 700 points or 2.7 percent in that span. The Hang Seng Index now rests just beneath the 25,815-point plateau, although it figures to get a lift from bargain hunters on Wednesday.
The global forecast for the Asian markets is mixed to higher, due mainly to bargain hunting after heavy losses in recent sessions. The European markets were down and the U.S. bourses were up and the Asian markets are tipped to follow the latter lead.
The Hang Seng finished sharply lower on Tuesday following losses from the financial shares, casinos and oil and insurance companies.
For the day, the index tumbled 273.73 points or 1.05 percent to finish at 25,814.25 after trading between 25,713.50 and 26,152.88.
Overall, the bias in prices is: Downwards.
The projected upper bound is: 27,017.82.
The projected lower bound is: 24,700.66.
The projected closing price is: 25,859.24.
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 24 white candles and 26 black candles for a net of 2 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 26.6092. This is not an overbought or oversold reading. The last signal was a buy 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 45.64. 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 47 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 -75. This is not a topping or bottoming area. The last signal was a buy 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 8 period(s) ago.
Rex Takasugi – TD Profile
HANG SENG INDEX closed up 51.141 at 25,865.391. Volume was 19% below average (neutral) and Bollinger Bands were 21% narrower than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 26,031.77 25,907.69 28,427.88
Volatility: 23 28 23
Volume: 1,640,884,352 1,790,581,376 1,898,538,752
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 9.0% 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 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 1 periods.