Hong Kong: HANG SENG INDEX (.HSI) renewed US-China tensions
Stocks in Asia were mostly lower on Tuesday as fresh concerns over a slowing Chinese economy and renewed trade tensions weighed on investor sentiment.
Mainland Chinese markets slipped as investors kept an eye on Beijing’s ongoing trade war with Washington. The Shanghai composite declined 0.1 percent to close at 2,594.25 and the Shenzhen component slipped 0.504 percent to finish its trading day at 7,551.30. The Shenzhen composite fell 1.114 percent to close at 1,300.34.
Meanwhile, Hong Kong’s Hang Seng index shed 0.26 percent in its final hour of trading.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
By the way, prices are vulnerable to a correction towards 26,668.83.
The projected upper bound is: 28,484.49.
The projected lower bound is: 26,636.00.
The projected closing price is: 27,560.25.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 28 white candles and 22 black candles for a net of 6 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 81.5732. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 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 65.93. 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 73 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 113.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 5 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 15 period(s) ago.
Rex Takasugi – TD Profile
HANG SENG INDEX closed down -45.281 at 27,531.680. Volume was 6% above average (neutral) and Bollinger Bands were 33% wider 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: 27,175.75 26,323.38 27,860.70
Volatility: 13 22 23
Volume: 1,750,956,160 1,635,809,152 1,839,943,552
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 1.2% 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 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 11 periods.