RHB Retail Research has continued its long positions on HSI futures.
The HSIF remained firmly in an upward trajectory, rising 422 points and closing stronger at 1,492 points. Yesterday, the index started off at 21,046 points. It then rose towards the day’s high at 21,561 points before closing in the positive territory. The latest bullish price action shows the momentum remains strong, without any signs of slowing down.
If the price action extends, the index should be testing the 22,000-point resistance soon.
However, the research house does expect selling pressure to exist at the immediate resistance. Conversely, the 20,000-point level remains the immediate support. With the bullish momentum in play, the research house is keeping to its positive trading bias.
Traders should keep the long positions initiated at 18,617 points (30 Nov’s close). To minimise the downside risks, the stop-loss is adjusted to 20,000 points from 19,528 points.
The immediate support revised higher to 20,857 points (5 Jan’s low) and followed by 20,000 points. Meanwhile, the immediate resistance is eyed at 22,000 points, with the higher resistance pegged at 22,500 points.
