Hong Kong: HANG SENG INDEX (.HSI) stocks enjoyed more gains

Hong Kong: HANG SENG INDEX (.HSI) stocks enjoyed more gains

Hong Kong: HANG SENG INDEX (.HSI) stocks enjoyed more gains

Hong Kong stocks enjoyed more gains at the open on Thursday on growing optimism that China and the United States can reach an agreement to avert an all-out trade war.

The Hang Seng Index rose 0.72 per cent, or 198.35 points, to 27,605.72 in early trade

Overall, the bias in prices is: Downwards.

By the way, prices are vulnerable to a correction towards 28,276.87.

The projected upper bound is: 28,317.32.

The projected lower bound is: 26,597.89.

The projected closing price is: 27,457.61.

Candlesticks

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 21 white candles and 29 black candles for a net of 8 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 83.4359. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 2 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 50.39. 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 5 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 73. This is not a topping or bottoming area. The last signal was a buy 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 2 period(s) ago.

Rex Takasugi – TD Profile

HANG SENG INDEX closed up 70.301 at 27,477.670. Volume was 25% below average (neutral) and Bollinger Bands were 23% wider than normal.

Open High Low Close Volume___
27,605.72127,628.18927,327.23027,477.6701,443,083,904

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

Moving Averages: 10-period 50-period 200-period
Close: 26,955.79 27,841.91 29,806.30
Volatility: 22 20 22
Volume: 1,983,540,480 1,740,785,024 2,142,580,224

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 7.8% below its 200-period moving average and is in an downward 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 bearish on .HSI and have had this outlook for the last 11 periods. Our momentum oscillator has set a new 14-period high while the security price has not. This is a bullish divergence.

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