Once again, RHB Research has retained its “short” positions on HSI futures.
The HSIF experienced a fresh round of selling during Tuesday’s session, retreating 221 points to close weaker at 19,813 points. Initially, it opened at 20,030 points. The index then underwent strong selling pressure, drifting towards the 19,649-point support before the close. During the evening session, the HSIF rebounded 119 points and last traded at 19,932 points. The latest session saw a “lower high” with “lower low” bearish pattern. If the negative momentum follows through, the index should retrace and re-test the 19,455-point support. As the bearish structure remains sighted, the research house is maintaining its negative bias.
Traders should keep to the short positions initiated at 20,836 points or 12 July’s close. For trading-risk management, the
stop-loss threshold is set at 20,200 points.
The immediate support is marked at 19,455 points – 3 August’s low – followed by 19,063 points, which was the low of 10 May. Conversely, the immediate resistance stays at 20,200 points and followed by 21,000 points.
