Hang Seng Index Futures: Struggling To Climb Above The 20-Day SMA Line

The HSIF staged a rebound on Thursday, climbing 163 pts to close at 16,570 pts as it attempts to reclaim the territory above the 20-day SMA line.

RHB Retail Research in a note today (Apr 2) said it opened at 16,402 pts and rose to the 16,772-pt intraday high before closing at 16,570 pts.

In the evening, it added 81 pts and was last traded at 16,651 pts.

Despite the index charting a bullish candlestick, it has yet to close above the 20-day SMA line.

Hence, the bears still have the technical advantage.

In the event that the bullish price action follows through in the next session, strong resistance will emerge at 17,251 pts.

The RSI is rounding upwards, suggesting that bullish momentum is gaining traction.

They will keep the bearish trading bias until the HSIF climbs above the 17,251-pt resistance level.

Traders are recommended to keep the short positions initiated at 16,551 pts (the close of 19 Mar).

To minimise the trading risks, the initial stop-loss is set at 17,251 pts.

The first support is located at 16,000 pts, followed by 15,500 pts.

On the upside, the first resistance remains at 17,251 pts – 14 Mar’s high – followed by 18,000 pts.

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