Hong Kong: HANG SENG INDEX (.HSI) U.S.-China trade talks are set to resume
Stocks in Asia mostly slipped on Monday as investors awaited the resumption of U.S.-China negotiations in Beijing this week amid low expectations for a major breakthrough.
Shares in mainland China were mixed on the day, the Shanghai composite slipped 0.12% to 2,941.01, while the Shenzhen component and Shenzhen composite were fractionally higher at 9,354.28 and 1,574.95 respectively.
Hong Kong’s Hang Seng index dropped 1.16%, as of its final hour of trading, as tensions remain high in the city following another clash between protestors and the police over the weekend. Shares of life insurer AIA declined 2.02%.
“Hong Kong I think, in a business sense, is suffering from this sort of situation,” Richard Harris, chief executive at Port Shelter Investment Management, told CNBC’s “Squawk Box” on Monday.
“That’s likely to help Singapore and it’s probably likely to help the banks especially because it’s so easy to move money, cash money, from one jurisdiction to another,” Harris said.
Overall, the bias in prices is: Sideways.
By the way, prices are vulnerable to a correction towards 28,195.88.
The projected upper bound is: 28,837.21.
The projected lower bound is: 27,368.87.
The projected closing price is: 28,103.04.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 22 white candles and 28 black candles for a net of 6 black candles.
A falling window occurred (where the bottom of the previous shadow is above the top of the current shadow). This usually implies a continuation of a bearish trend. There have been 4 falling windows in the last 50 candles–this makes the current falling window even more bearish.
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 30.5664. This is not an overbought or oversold reading. The last signal was a sell 5 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 44.20. 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 35 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 -213.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a buy 13 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 5 period(s) ago.
Rex Takasugi – TD Profile
HANG SENG INDEX closed down -291.330 at 28,106.410. Volume was 10% below average (neutral) and Bollinger Bands were 54% narrower than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 28,490.01 27,972.08 27,573.10
Volatility: 13 17 21
Volume: 1,149,530,624 1,631,900,160 1,803,372,672
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 gapped down today (bearish) on normal volume. Possibility of a Runaway Gap which usually signifies a continuation of the trend. Four types of price gaps exist – Common, Breakaway, Runaway, and Exhaustion. Gaps acts as support/resistance.
HANG SENG INDEX is currently 1.9% above its 200-period moving average and is in an downward trend. Volatility is low 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 0 periods.
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