Hang Seng Index Futures: Attempting To Stage a Technical Rebound

The HSIF is staging a technical rebound after falling in the past four sessions.

RHB Retail Research in a note today (Jan 19) said the index began Thursday’s session at 15,245 pts, and rose to the 15,470 pts day’s high before closing at 15,372 pts.

In the evening session, it climbed 18 pts and last traded at 15,390 pts.

Although the index printed a bullish candlestick yesterday, it still closed below the 16,000-pt resistance.

Furthermore, yesterday’s high (15,470 pts) is lower than Wednesday’s high (15,942 pts).

The “lower high” signifies that the bearish setup remains intact.

For the coming sessions, the index would likely move sideways near the 15,000-pt support for consolidation.

During this period, we still keep the negative bias.

Traders are advised to retain the short positions initiated at the close of 8 Jan (16,253 pts).

To manage the trading risks, the initial stop-loss threshold is set at 17,600 pts.

The nearest support is marked at 15,000 pts, followed by 14,000 pts.

Meanwhile, the immediate resistance is pegged at 16,000 pts, followed by 16,500 pts.

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