The call for ‘LONG’ positions has been maintained on the HSI futures by the research house.
Yesterday, the HSIF saw the bulls attempt to break above the resistance level, rising 276 points to settle the day session at 22,231 points. It started off yesterday’s session at 22,200 pts. After touching the day session’s 22,084-point low, it jumped to test the session’s 22,325-point high before the close. In the evening, the Apr 2022 futures contract rose 17 points and was last traded at 22,190 points.
Although the index maintains its bullish posture, it has yet to cross above the 22,335-point resistance level. Moving past this threshold may attract buying interest to lift it to the 23,272 points. If the index faces profit-taking, the 20-day SMA line should provide strong downside support. For now, the research house is sticking to their positive trading bias.
Traders are advised by the research house to keep the ‘long’ positions initiated at 21,466 points or the close of 17 March’s day session. To manage downside risks, the stop-loss is fixed at 20,872 points.
The immediate support is revised to 21,202 points – 28 March’s low – followed by 20,872 points, or the low of 18 March. The immediate resistance is seen at 22,335 points – 28 February’s low – followed by 23,272 points or the low of 31 January.