Hong Kong: HANG SENG INDEX (.HSI) slip amid concerns over China stimulus pace
Asian markets saw a mixed day on Wednesday, as fresh all-time closing highs for the S&P 500 and Nasdaq vied for investor attention with concerns China will slow its pace of economic stimulus.
Japan’s Nikkei NIK, -0.27% closed down 0.3%. Hong Kong’s Hang Seng Index HSI, -0.53% and the Shanghai Composite SHCOMP, +0.09% also gave up initial gains, closing down 0.5% and flat, respectively.
China stocks recuperated some earlier losses, “supported by a late rally in tech shares that seem to have offset investor concerns that the PBoC could scale back the scope of further policy easing,” said Shayne Heffernan, CEO and Founder of Heffx, in a note to clients.
Overall, the bias in prices is: Upwards.
By the way, prices are vulnerable to a correction towards 28,731.96.
The projected upper bound is: 30,561.79.
The projected lower bound is: 29,124.25.
The projected closing price is: 29,843.02.
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 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 42.2716. 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 56.36. 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 sell 8 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 -61. This is not a topping or bottoming area. The last signal was a sell 8 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 sell 3 period(s) ago.
Rex Takasugi – TD Profile
HANG SENG INDEX closed down -157.410 at 29,805.830. Volume was 2% below average (neutral) and Bollinger Bands were 21% wider than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 29,982.39 29,094.28 27,467.92
Volatility: 10 16 22
Volume: 1,983,337,600 1,981,913,216 1,831,722,752
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 8.5% above 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 13 periods. our momentum oscillator has set a new 14-period low while the security price has not. This is a bearish divergence.