Hong Kong: HANG SENG INDEX (.HSI) Investors now focus on a no-confidence vote on May’s government by Britain’s parliament
Asian shares ended mostly higher on Wednesday even as the U.K. House of Commons voted down Prime Minister Theresa May’s Brexit deal by a crushing margin, stoking fresh uncertainty.
Investors now focus on a no-confidence vote on May’s government by Britain’s parliament later in the day.
Chinese shares ended little changed, with the benchmark Shanghai Composite index closing up 0.07 points at 2,570.42 amid the political turmoil surrounding Brexit. Hong Kong’s Hang Seng index edged up 0.27 percent to 26,902.10.
Japanese shares dropped from a four-week high, as the dollar remained defensive against the yen amid a partial government shutdown in the U.S. and the “very uncertain and unstable” political situation in Britain over its divorce from Europe.
The Nikkei average dropped 112.54 points or 0.55 percent to 20,442.75, while the broader Topix index closed 0.32 percent lower at 1,537.77.
China-related shares were among the hardest hit, with Shiseido declining 2.4 percent after sharp gains the previous day. Hitachi lost 2.6 percent on profit taking after surging as much as 16 percent in the past two sessions.
Overall, the bias in prices is: Upwards.
By the way, prices are vulnerable to a correction towards 26,446.14.
The projected upper bound is: 27,893.68.
The projected lower bound is: 25,927.15.
The projected closing price is: 26,910.41.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 27 white candles and 23 black candles for a net of 4 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 82.8783. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 15 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 61.37. 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 64 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 110.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 2 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 buy 6 period(s) ago.
Rex Takasugi – TD Profile
HANG SENG INDEX closed up 71.811 at 26,902.100. Volume was 2% below average (neutral) and Bollinger Bands were 5% narrower than normal.
Open High Low Close Volume___
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 26,208.33 26,090.60 27,996.21
Volatility: 21 24 23
Volume: 1,814,253,056 1,614,638,208 1,855,452,032
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 3.9% below 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 2 periods.
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