Hang Seng Index Futures (HSIF) could be heading for a fresh leg higher as bullish momentum remains intact, with RHB Investment Bank Bhd (RHB Research) expecting the index to challenge the 26,000-point resistance.
HSIF gained 286 points to close at 25,949 points in the latest session, extending the positive momentum from Monday.
The index opened at 25,671 points before touching an intraday low of 25,661 points and climbing to a high of 25,966 points. It later added 17 points in evening trading to last at 25,966 points.
RHB Research said the latest price action reinforced its view that bulls remain in control, particularly after HSIF rebounded from its 20-day simple moving average (SMA).
The research house expects a break above 26,000 points to open the way towards 26,750 points and has maintained a positive trading bias.
RHB Research is also maintaining its long position on HSIF, initiated at 24,657 points on July 15.
The immediate support level is at 24,200 points, followed by 23,500 points, which is also the recommended stop-loss level for managing downside risk.
The next resistance is at 26,000 points, with 26,750 points marking the higher resistance level.
