RHB Investment Bank Bhd (RHB Research) is maintaining its long positions on the Hang Seng Index Futures (HSIF), citing continued bullish momentum and strong technical signals that support further upside.
The HSIF added 163 points to close at 23,783 on Wednesday, marking a higher high after testing the intraday peak of 23,885. The index opened at 23,607 and hit a low of 23,585 before rallying. Despite a slight pullback in the evening session—where it gave up 143 points to last trade at 23,640—RHB believes the index remains on track to test the next resistance level at 24,500 points.
The research house noted that the 20-day simple moving average (SMA) has crossed above the 50-day SMA, reinforcing a bullish technical setup. Both moving averages now serve as key support indicators, alongside the critical 22,000-point threshold.
“As long as the index stays above 22,000 pts, the bullish trend remains intact,” RHB Research reported. “We continue to hold a positive trading bias and recommend keeping long positions entered on April 14 at 21,416 pts.”
RHB Research advises traders to maintain a stop-loss at 22,000 pts to mitigate downside risk. Key support levels are identified at 22,000 and 21,000 pts, while resistance levels are pegged at 24,500 and 26,000 pts.
