Hong Kong: HANG SENG INDEX (.HSI) posting their strongest daily gains in nearly two weeks

Hong Kong: HANG SENG INDEX (.HSI) posting their strongest daily gains in nearly two weeks

Hong Kong: HANG SENG INDEX (.HSI) posting their strongest daily gains in nearly two weeks

Hong Kong shares ended firmer, after posting their strongest daily gains in nearly two weeks on Thursday, lifted by hopes that discussions between China and the United States could lead to a trade war detente and as strong earnings from Tencent boosted tech firms.

At the close of trade, the Hang Seng index was up 1.8 percent at 26,103.34 points, its strongest daily gain since Nov. 2. The Hang Seng China Enterprises index closed 1.44 percent higher at 10,405.16.

The sub-index of the Hang Seng tracking energy shares closed 1.1 percent higher as oil prices stopped their slide. The financial sector ended 1.11 percent higher and the property sector closed 2.05 percent firmer.

So far this week, the market capitalisation of the Hang Seng index has risen by 0.07 percent to HK$16.56 trillion.

The short and one-factor leveraged Hang Seng index, which is designed to replicate the payoff of a short or leveraged portfolio and is linked to the movements of the Hang Seng Index, was lower by 1.75 percent on the day at 5,318.68 points.

Overall, the bias in prices is: Downwards.

The projected upper bound is: 27,263.10.

The projected lower bound is: 24,879.21.

The projected closing price is: 26,071.16.

Candlesticks

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 22 white candles and 28 black candles for a net of 6 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 58.7168. This is not an overbought or oversold reading. The last signal was a sell 6 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 52.68. 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 23 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 49. This is not a topping or bottoming area. The last signal was a sell 5 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 10 period(s) ago.

Rex Takasugi – TD Profile

HANG SENG INDEX closed up 448.910 at 26,103.340. Volume was 14% below average (neutral) and Bollinger Bands were 2% wider than normal.

Open High Low Close Volume___
25,862.18026,127.14125,611.72126,103.3401,581,914,880

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

Moving Averages: 10-period 50-period 200-period
Close: 25,970.29 26,309.11 29,050.04
Volatility: 34 29 24
Volume: 1,831,090,560 1,964,772,864 2,087,261,696

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 10.1% 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 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 0 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