Hong Kong: HANG SENG INDEX (.HSI) slowdown concerns linger
Hong Kong stocks edged up soon after the open on Tuesday after suffering hefty losses the previous day but investors remain cautious owing to concerns about the global economy.
The Hang Seng Index rose 0.54 per cent, or 154.41 points, to 28,677.76.
The benchmark Shanghai Composite Index gained 0.48 per cent, or 14.53 points, to 3,057.56, while the Shenzhen Composite Index, which tracks stocks on China’s second exchange, added 0.44 per cent, or 7.32 points, to 1,683.75.
Overall, the bias in prices is: Upwards.
The projected upper bound is: 29,346.33.
The projected lower bound is: 27,869.31.
The projected closing price is: 28,607.82.
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 30 white candles and 20 black candles for a net of 10 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 17.1348. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a sell 3 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 47.77. 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 20 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 -79. This is not a topping or bottoming area. The last signal was a sell 3 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 2 period(s) ago.
Rex Takasugi – TD Profile
HANG SENG INDEX closed up 43.561 at 28,566.910. Volume was 17% below average (neutral) and Bollinger Bands were 33% narrower than normal.
Open High Low Close Volume___
Short Term: Oversold
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 29,014.25 28,203.09 27,489.67
Volatility: 16 17 22
Volume: 1,727,113,216 1,869,854,848 1,844,427,904
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% above its 200-period moving average and is in an downward trend. Volatility is 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.