Hang Seng Index Futures: Bullish Momentum Picking Up Pace

The HSIF’s bullish momentum followed through during Tuesday’s session, lifting the index 397 pts to close higher at 16,967 pts.

RHB Retail Research in a note today (Apr 3) said yesterday, the index began trading at 16,780 pts.

It then crossed above the 20-day SMA line – touching the 17,068 pts day’s high before closing at 16,967 pts.

In the evening, it inched 7pts lower and last traded at 16.960 pts.

The latest price action, coupled with the RSI rounding upwards, suggest that the bullish momentum is growing stronger.

The HSIF managed to close above the 20-day SMA line, indicating the bulls are having an upper hand now.

However, it may face strong selling pressure at the 17,251 pts resistance.

Although the index is undergoing positive price action, they will hold on to the bearish trading bias until it breaks past the 17,251-pt threshold.

Traders should retain the short positions initiated at 16,551 pts (the close of 19 Mar).

To mitigate the trading risks, the initial stop-loss threshold is fixed at 17,251 pts.

The first support remains unchanged at 16,000 pts, followed by 15,500 pts.

Conversely, the immediate resistance is eyed at 17,251 pts – 14 Mar’s high – followed by 18,000 pts.

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