The HSIF’s bullish momentum accelerated as it staged a robust rebound, surpassing the 17,000 pts mark and settling 498 pts higher at 17,155 pts.
RHB Retail Research in a note today (Dec 28) said the index opened higher at 16,756 pts and surged towards the intraday high of 17,199 pts near the close.
During the evening session, the HSIF retraced 70 pts and last traded at 17,085 pts.
This latest strong rebound has confirmed the uptrend reversal pattern – marked by the emergence of a fresh “higher high” bullish pattern, signalling a positive shift in momentum.
The overall improved momentum is further supported by the RSI increasing to 54% from 47%, entering positive territory.
Given the breakout above the stop-loss level, we are shifting to a positive trading bias.
