Hang Seng Index Futures : Bouncing Off The 20-Day SMA Line

The HSIF saw a significant bounce-back, rising 225 points on Monday to close at 18,803 points after rebounding from the 20-day SMA line. RHB Retail Research (RHB) in a note today (May 28) said, opening at 18,580 points, it peaked at an intraday high of 18,845 points before the day ended. This positive movement indicates continued bullish sentiment, with the 20-day SMA line now acting as support.

RHB also said that in case of increased selling pressure, the 18,200-point level is expected to provide solid support. As long as the index remains above this level, the bullish trend remains intact. Near-term projections suggest sideways consolidation around the short-term moving average line, maintaining the current positive outlook.

They also noted traders who initiated long positions at the close of April 25 (17,342 points) are advised to maintain them, with a stop-loss set at 18,200 points to manage risks. Immediate support levels stand at 18,200 points, followed by 17,500 points, while resistance is seen at 19,000 points, and subsequently at 20,000 points.

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