HSI Futures Seen as Hitting the 22,335-Point Resistance Level: RHB Research

The research house is maintaining ‘LONG’ positions on HSI Futures.

The HSIF retreated strongly from the intraday high yesterday, which saw it close 183 points higher at 22,100 pts during the day session. It then fell 144 points during the evening session and last traded at 21,986 points. The latest closing level has seen the bullish continuation above the 20-day average line but, once again, it was blocked by the 22,335-point resistance level.

Looking at the positive RSI at the 50% level, RHB Research thinks there is a high tendency for the index to breach the immediate resistance level in the medium term. As for the immediate term, the research house expects the HSIF to continue consolidating sideways beneath 22,335 points. The research house retains their positive trading bias as the counter-trend rebound remains in play.

RHB Research put forward the recommendation that traders should maintain the ‘LONG’ positions initiated at 21,466 points, i.e. the close of 17 March’s day session. To mitigate the downside risks, the initial stop-loss threshold is placed at 20,872 points or 18 March’s low. The immediate support is marked at 20,872 points – 18 March’s low – and followed by 20,000 points. Meanwhile, the immediate resistance is pegged at 22,335 points – 28 February’s low – and followed by 23,272 points, i.e. the low of 31 January.

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