Hong Kong: HANG SENG INDEX (.HSI) Investors are craving clarity on a number of issues that are affecting market sentiment
Stocks in Asia traded mixed on Wednesday afternoon, after U.S. President Donald Trump hinted once again that a closely watched trade deadline in March may be pushed back.
Mainland Chinese markets slipped by the end of the morning session. The Shanghai composite declined around 0.15 percent while the Shenzhen component shed 0.319 percent. The Shenzhen composite also slipped 0.36 percent.
Hong Kong’s Hang Seng index rose 0.66 percent. Hong Kong-listed shares of Chinese investment bank China International Capital Corpjumped 3.07 percent after an exchange disclosure showed on Monday that tech behemoth Alibaba had increased its stake in the company to almost 12 percent.
Investors are craving clarity on a number of issues that are affecting market sentiment and there’s a chance they could have some more answers by the end of the week.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
By the way, prices are vulnerable to a correction towards 27,338.89.
The projected upper bound is: 29,400.87.
The projected lower bound is: 27,624.98.
The projected closing price is: 28,512.93.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 8 white candles and 2 black candles for a net of 6 white candles. During the past 50 bars, there have been 31 white candles and 19 black candles for a net of 12 white 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 71.6763. This is not an overbought or oversold reading. The last signal was a sell 3 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 66.23. 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 3 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 118.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 1 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 2 period(s) ago.
Rex Takasugi – TD Profile
HANG SENG INDEX closed up 260.238 at 28,488.369. Volume was 27% below average (neutral) and Bollinger Bands were 15% narrower than normal.
Open High Low Close Volume___
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 28,214.57 26,774.51 27,709.83
Volatility: 18 21 23
Volume: 1,524,097,664 1,657,192,576 1,825,045,760
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 2.8% above its 200-period moving average and is in an upward 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 bullish on .HSI and have had this outlook for the last 24 periods.
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