RHB Investment Bank Bhd (RHB Research) has maintained its long positions on Hang Seng Index Futures (HSIF) as the index continues to trade in bullish territory despite consolidating below the 26,000-point resistance.
RHB Research said HSIF extended its upward movement on Tuesday, gaining 18 points to settle at 25,441 points. The index opened at 25,442 points, fell to an intraday low of 25,205 points before rebounding to a high of 25,485 points.
During the evening session, HSIF shed 70 points to last trade at 25,342 points.
The research house said the rebound in the Relative Strength Index (RSI) signals a pickup in bullish momentum, suggesting buying interest is regaining traction.
With HSIF firmly above its rising 50-day simple moving average (SMA), RHB Research said the broader technical structure remains bullish.
“If upwards momentum persists, the index may charge higher towards the immediate resistance at 26,000 pts,” it said.
A decisive breakout above 26,000 points could improve market sentiment and pave the way for further gains towards the next resistance at 26,750 points.
RHB Research maintained its positive trading bias and advised traders to keep the long positions initiated at 24,657 points, based on the 15 July close.
The stop-loss threshold is set at 24,200 points, while immediate support is at 25,000 points, followed by 24,200 points. Resistance levels are at 26,000 and 26,750 points.
