Hong Kong: HANG SENG INDEX (.HSI) Worth Watching

Hong Kong: HANG SENG INDEX (.HSI) Worth Watching

Hong Kong: HANG SENG INDEX (.HSI) Worth Watching

Hong Kong stocks also enjoyed a rebound on the day, with the Hang Seng Index HSI, +0.42% closing 0.4% higher, after falling almost 1% earlier. The index fell 1% for the week, ringing up its fourth straight weekly loss. Tencent shares 0700, +0.36% gained 0.6%, sunny and Sunny Optical 2382, +1.03% finished the session up 0.8%, both stocks reversed earlier sharp declines.

Overall, the bias in prices is: Downwards.

Note: this chart shows extraordinary price action to the downside.

By the way, prices are vulnerable to a correction towards 27,223.19.

The projected upper bound is: 26,501.25.

The projected lower bound is: 24,514.05.

The projected closing price is: 25,507.65.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 3 white candles and 7 black candles for a net of 4 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 40.1845. This is not an overbought or oversold reading. The last signal was a buy 4 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 35.32. 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 4 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 -78. This is not a topping or bottoming area. The last signal was a buy 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 sell 10 period(s) ago.

Rex Takasugi – TD Profile

HANG SENG INDEX closed up 106.850 at 25,561.400. Volume was 10% above average (neutral) and Bollinger Bands were 69% wider than normal.

Open High Low Close Volume___
25,172.02925,743.44925,090.30125,561.4002,100,898,688

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

Moving Averages: 10-period 50-period 200-period
Close: 25,813.22 27,194.05 29,582.52
Volatility: 27 23 23
Volume: 2,012,284,928 1,850,400,512 2,149,122,304

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 13.6% 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 10 periods.

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