Hong Kong: HANG SENG INDEX (.HSI) investors mulled the pending G-20 meeting

Hong Kong: HANG SENG INDEX (.HSI) investors mulled the pending G-20 meeting

Hong Kong: HANG SENG INDEX (.HSI) investors mulled the pending G-20 meeting

The Hong Kong Hang Seng Index traded evenly and fell slightly on Tuesday, shrugging off positive Wall Street cues as investors mulled the pending G-20 meeting and the prospects for higher interest rates in the US. President Donald Trump is expected to meet with China President Xi Jinping on the sidelines Saturday at the economic summit. Tech issues rallied, but not enough to overcome the market mood, said analysts.

The broad gauge Hang Seng fell 44.22, or 0.17% to 26,331.96.

Leading the upside were Apple ( AAPL )-supplier AAC Technologies (2018:HK), up 3.0%, followed by Sunny Optical Technology (2382:Tokyo), up 2.5%, and then internet-media giant and index heavyweight Tencent (700:HK), up 1.9%.

Overall, the bias in prices is: Downwards.

The projected upper bound is: 27,456.60.

The projected lower bound is: 25,180.02.

The projected closing price is: 26,318.31.

Candlesticks

A black body occurred (because prices closed lower 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 23 white candles and 27 black candles for a net of 4 black candles.

A long lower shadow occurred. This is typically a bullish signal (particularly when it occurs near a low price level, at a support level, or when the security is oversold).

A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.

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 78.3945. This is not an overbought or oversold reading. The last signal was a sell 4 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 55.01. 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 31 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 106.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 13 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 18 period(s) ago.

Rex Takasugi – TD Profile

HANG SENG INDEX closed down -44.219 at 26,331.961. Volume was 21% below average (neutral) and Bollinger Bands were 31% narrower than normal.

Open High Low Close Volume___
26,345.36926,417.84026,158.97126,331.9611,437,483,264

Technical Outlook
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish

Moving Averages: 10-period 50-period 200-period
Close: 26,078.03 26,178.34 28,782.79
Volatility: 20 28 25
Volume: 1,351,938,560 1,836,379,136 2,002,053,504

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 8.5% below 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 moderate flows of volume into .HSI (mildly bullish). Our trend forecasting oscillators are currently bullish on .HSI and have had this outlook for the last 8 periods.

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