The Bears of HSI Futures Are Seen as Taking a Breather: RHB Research


The research house is maintaining ‘SHORT’ positions on HSI futures as it is keeping a negative trading bias.

The selling pressure on HSI futures failed to follow through yesterday, with the HSIF bouncing off 8 points to
settle the day session at 21,311 points. It began Wednesday’s session at 21,278 points, and rose to the day session’s 21,525-point high during midday. It then retraced to close at 21,311 points. In the evening – tracking its US peers’ bullish sentiment – it climbed 99 points, and was last traded at 21,410 points.

It has been observed that for the last three sessions, the index has been recouping the losses incurred by the Bearish Marubozu candlestick formed on 11 April. If the index climbs above 22,000 points, the bearish candlestick will be negated. However, the research house is still maintaining their view that selling pressure should emerge near the 20-day SMA line. For now, the index is still displaying a bearish structure, as it is
trading below the short-term moving average line. Hence, the house is keeping a negative trading bias until the stop-loss is breached.

Traders is advised to retain the ‘SHORT’ positions initiated at 21,129 points, or the close of 11 April. To manage trading risks, the stop-loss is fixed at 22,535 points. The immediate support is marked at 20,800 points, followed by 20,000 points. The first resistance stays at 22,000 points, followed by 22,535 points, or the high of 4 April.

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