Hong Kong: HANG SENG INDEX (.HSI) uncertainties surrounding the global economic outloo

Hong Kong: HANG SENG INDEX (.HSI)  uncertainties surrounding the global economic outloo

Hong Kong: HANG SENG INDEX (.HSI) uncertainties surrounding the global economic outlook

Most Asian markets closed higher on Thursday amid uncertainties surrounding the global economic outlook as well as the ongoing U.S.-China trade fight.

The mainland Chinese markets, watched in relation to the ongoing trade fight between Beijing and Washington, recovered from earlier losses. The Shanghai composite rose around 0.4 percent to close at about 2,591.69 and the Shenzhen component advanced 0.661 percent to finish its trading day at approximately 7,573.52. The Shenzhen composite gained 0.457 percent to close at about 1,322.30.

Hong Kong’s Hang Seng index also climbed by more than 0.2 percent, as of its final hour of trading.

Overall, the bias in prices is: Upwards.

By the way, prices are vulnerable to a correction towards 26,546.91.

The projected upper bound is: 28,078.84.

The projected lower bound is: 26,222.63.

The projected closing price is: 27,150.74.

Candlesticks

A white body occurred (because prices closed higher 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 28 white candles and 22 black candles for a net of 6 white candles.

A long lower shadow occurred. This is typically a bullish signal (particularly when it occurs near a low price level, at a support level, or when the security is oversold).

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 54.6858. This is not an overbought or oversold reading. The last signal was a sell 1 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 61.70. 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 70 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 76. This is not a topping or bottoming area. The last signal was a sell 2 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 12 period(s) ago.

Rex Takasugi – TD Profile

HANG SENG INDEX closed up 112.781 at 27,120.980. Volume was 23% below average (neutral) and Bollinger Bands were 25% wider than normal.

Open High Low Close Volume___
27,075.36927,120.98026,889.78927,120.9801,364,672,256

Technical Outlook
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bearish

Moving Averages: 10-period 50-period 200-period
Close: 26,887.56 26,220.83 27,901.32
Volatility: 18 23 23
Volume: 1,674,288,384 1,612,390,016 1,840,035,712

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 2.8% below 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 8 periods.

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