The HSIF saw improved buying pressure towards the end of yesterday’s session, recouping most of its intraday losses to settle 80 pts lower at the 16,553-pt resistance level.
RHB Retail Research in a note today (Dec 20) said the index opened at 16,636 pts and whipsawed between a high of 16,704 pts and low of 16,420 pts before closing just below the opening level.
In the evening, it rebounded by 166 pts and was last traded at 16,719 pts (above the previous session’s high).
It is now eyeing a rebound.
This suggests that the pullback was limited at yesterday’s low, as the index eyes a rebound towards the 17,000-pt threshold in the coming sessions.
The RSI momentum indicator has mildly improved to 46%, approaching positive territory and signalling that the potential bullish rebound is still in progress. Pending a breakout above the 17,000-pt threshold, we maintain our bearish trading bias.
