HSIF Momentum Still Weak

The HSIF saw positive momentum for the second consecutive session, rising 332 pts to close at 19,602 pts.

RHB Retail Research said today the index started off at 19,285 pts and climbed towards the day’s high of 19,795 pts before closing at 19,602 pts.

In the evening, it added 160 pts and last traded at 19,762 pts.

Despite the index charting a bullish candlestick, it came with a long upper shadow. Moreover, the latest closing price has yet to cross above 13 Mar’s close of 19,627 pts.

These technical signals suggest that the bullish momentum remains weak. Towards the upside, we believe strong resistances exist at the 20,000-pt and 20,750-pt levels.

“So far the bearish setup remains intact. As such, we stick to our negative bias. Traders are advised to hold on to the short positions initiated at 21,643 pts (3 Feb’s close),” it said.

To minimise the trading risks, the trailing stop is placed at 20,750 pts.

The nearest support is located at 18,527 pts (5 Dec 2022’s low), followed by the 18,000-pt round figure. On the flip side, the first resistance is pegged at 20,000 pts, followed by 20,750 pts.

Previous articleSingapore Shares May Run Out Of Steam On Thursday
Next articleInvestment Ideas: Stock Picks – QES Group, Muhibbah Engineering

LEAVE A REPLY

Please enter your comment!
Please enter your name here