Hong Kong: HANG SENG INDEX (.HSI) investors taking profits, and as the city’s leader warned that Hong Kong could record negative growth for the full 2019 year
The Hang Seng index closed 104.50 points down or 0.39% at 26,786.76. The Hang Seng China Enterprises index fell 0.22% to 10,547.
The sub-index of the Hang Seng tracking energy shares dipped 0.5%, the financial sector ended 0.46% lower and the property sector rose 0.11%.
The IT sector, which had lifted the Hang Seng index to its highest close in six weeks on Monday, dipped 1.49%.
Hong Kong’s embattled leader Carrie Lam said on Tuesday she expects the Asian financial hub to record negative economic growth for the full 2019 year, as the city grapples with five months of often violent anti-government protests.
The top gainer on the Hang Seng was WH Group Ltd, which gained 5.75%, while the biggest loser was Sands China Ltd , which fell 1.67%.
China’s main Shanghai Composite index closed down 0.87% at 2,954.18 points, while the blue-chip CSI300 index ended down 0.42%.
Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.2%, while Japan’s Nikkei index closed up 0.47%.
The yuan was quoted at 7.0625 per U.S. dollar at 08:14 GMT, 0.07% firmer than the previous close of 7.0672.
The top gainers among H-shares were ANTA Sports Products Ltd up 3.76%, followed by China Tower Corp Ltd, gaining 2.41% and Sinopharm Group Co Ltd, up by 2.02%.
The three biggest H-shares percentage decliners were CITIC Securities Co Ltd, which was down 1.85%, Tencent Holdings Ltd, which fell 1.55% and China Resources Beer Holdings Co Ltd, down by 1.55%.
Overall, the bias in prices is: Sideways.
The projected upper bound is: 27,381.80.
The projected lower bound is: 25,926.28.
The projected closing price is: 26,654.04.
A black body occurred (because prices closed lower 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 20 white candles and 30 black candles for a net of 10 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 50.4550. This is not an overbought or oversold reading. The last signal was a sell 7 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 52.94. 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 50 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 9. This is not a topping or bottoming area. The last signal was a sell 7 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 12 period(s) ago.
Rex Takasugi – TD Profile
HANG SENG INDEX closed down -139.820 at 26,646.939. Volume was 27% below average (neutral) and Bollinger Bands were 27% narrower than normal.
Open High Low Close Volume___
Short Term: Overbought
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 26,743.70 26,355.42 27,716.76
Volatility: 11 18 18
Volume: 1,354,134,912 1,620,462,336 1,780,295,552
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 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 0 periods.
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