Hong Kong: HANG SENG INDEX (.HSI) investors looked for defensive plays heading into the high-stakes trade talks between presidents Donald Trump and Xi Jinping on Saturday

Hong Kong: HANG SENG INDEX (.HSI) investors looked for defensive plays heading into the high-stakes trade talks between presidents Donald Trump and Xi Jinping on Saturday

Hong Kong: HANG SENG INDEX (.HSI) investors looked for defensive plays heading into the high-stakes trade talks between presidents Donald Trump and Xi Jinping on Saturday

Health care stocks were top gainers in China and Hong Kong stock exchanges, as investors looked for defensive plays heading into the high-stakes trade talks between presidents Donald Trump and Xi Jinping on Saturday.

The Shanghai Composite Index on Wednesday closed down 0.2 per cent at 2,976.28.

Brokerages weighed on the index, with a gauge tracking 45 brokerages listed in China down 3.2 per cent.

That came after disclosures by two brokerages – CSC Financial and First Capital Securities – that two of their big shareholders planned to sell all or some of their stakes.

CSC Financial, whose fourth-largest shareholder Citic Securities said it was selling all of its stake, plunged by the daily 10 per cent downside limit, to 23.83 yuan. First Capital fell by 3.8 per cent to 6.35 yuan, after disclosing its shareholder Nenking Group was reducing its stake by up to 3 per cent of its total.A shareholder’s stake sale plan stops the bull run in China’s best-performing brokerage stock CSC Financial

Elsewhere in China, the CSI 300 of large cap stocks traded in Shanghai and Shenzhen also ended down about 0.2 per cent, at 3,794.33.

Overall, the bias in prices is: Sideways.

The projected upper bound is: 29,041.90.

The projected lower bound is: 27,326.16.

The projected closing price is: 28,184.03.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 5 white candles and 5 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 Indicators

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.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 63.5301. 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 55.73. 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 13 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 55. This is not a topping or bottoming area. The last signal was a sell 1 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 13 period(s) ago.

Rex Takasugi – TD Profile

HANG SENG INDEX closed up 36.000 at 28,221.980. Volume was 26% below average (neutral) and Bollinger Bands were 25% wider than normal.

Open High Low Close Volume___
28,046.16028,267.98027,985.98028,221.9801,475,672,320

Technical Outlook
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish

Moving Averages: 10-period     50-period     200-period
Close: 27,928.62 28,371.00 27,442.79
Volatility: 19 19 22
Volume: 1,815,013,376 1,980,911,616 1,876,882,688

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.

Summary

HANG SENG INDEX is currently 2.8% above 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 5 periods.

The following two tabs change content below.
HEFFX has become one of Asia’s leading financial services companies with interests in Publishing, Private Equity, Capital Markets, Mining, Retail, Transport and Agriculture that span every continent of the world. Our clearing partners have unprecedented experience in Equities, Options, Forex and Commodities brokering, banking, physical metals dealing, floor brokering and trading.

You must be logged in to post comments :  
CONNECT WITH