Hong Kong: HANG SENG INDEX (.HSI) stocks rise to 1-month high as govt housing measures boost property shares
Hong Kong stocks rose to a one-month high on Wednesday, led by property shares, after the city’s leader announced measures aimed at easing a housing shortage and calming anti-government protests.
However, the gain was capped by lingering uncertainty around Sino-U.S. trade talks, as well as worries about China’s economic health.
The Hang Seng index rose 0.6%, to 26,664.28 points, while the China Enterprises index gained 0.3%, to 10,532.17 points.
Overall, the bias in prices is: Sideways.
The projected upper bound is: 27,465.95.
The projected lower bound is: 25,883.13.
The projected closing price is: 26,674.54.
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 22 white candles and 28 black candles for a net of 6 black 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 91.7113. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 10 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 58.24. 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 40 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 157.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 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 buy 2 period(s) ago.
Rex Takasugi – TD Profile
HANG SENG INDEX closed up 160.350 at 26,664.279. Volume was 3% above average (neutral) and Bollinger Bands were 40% narrower than normal.
Open High Low Close Volume___
Short Term: Overbought
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 26,125.67 26,165.95 27,657.15
Volatility: 17 19 19
Volume: 1,566,925,440 1,731,180,416 1,786,789,888
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 3.6% below its 200-period moving average and is in an downward trend. Volatility is relatively normal 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 7 periods.