Upside Risk Remains for HSI Futures: RHB Research

Once again, the research house has maintained ‘LONG’ positions on the futures of HSI index.

On the eve of the holiday, the HSIF managed to maintain its bullish posture, advancing 448 points to settle Monday’s session at 22,474 points. The index started the day at 22,222 points and climbed towards the day session’s 22,535-point high before the close – breaching the 22,335-point resistance to record a 1-month high. Bullish momentum continued in the evening session, where the index rose 144 points, and was last traded at 22,618 points. Based on the price action, the bulls continue to overpower the bears. With the bulls in control, the index may reclaim the 50-day SMA line and travel towards the 23,272-point resistance. The HSIF should then move higher to negate the Bearish Crossover signal marked at the 23,800-point resistance. The 22,000-point level will provide immediate support for the upward movement. The technical analyst does hold the opinion that there is another leg on the upside, and hold on to positive trading bias.


Traders are recommended to retain the ‘LONG’ positions initiated at 21,466 points or the close of 17 March’s day session. For risk management, the stop-loss is adjusted higher to 21,202 points from 20,872 points. The immediate support is revised higher to 22,000 points, followed by 21,202 points, which was the low of 28 March. On the upside, the first resistance is eyed at 23,272 points – 31 January’s low – followed by the higher resistance of 23,800 points.

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