Hang Seng Index Futures (HSIF) extended its upward momentum on Thursday, gaining 236 points to close at 25,695 points as RHB Investment Bank Bhd (RHB Research) maintained its bullish trading stance on the index.
RHB Research said the HSIF opened at 25,459 points before rebounding strongly and reaching an intraday high of 25,832 points. The index ended close to the day’s high, forming a bullish candlestick that reinforced the prevailing uptrend.
In evening trading, HSIF edged up another point to 25,696 points.
The research house said the technical indicators continue to support the positive outlook, with the Relative Strength Index (RSI) remaining above the 50% level while both the 20-day and 50-day simple moving averages (SMA) continue to curve upwards.
“Hold the long positions,” RHB Research said.
With bullish momentum gaining traction, the research house expects HSIF to advance towards the 26,000-point resistance level in the coming sessions.
Traders are advised to maintain long positions initiated at 24,657 points, based on the 15 July close. The stop-loss level remains at 24,200 points to manage downside risks.
The immediate support is placed at 25,000 points, followed by 24,200 points. On the upside, resistance is seen at 26,000 points, with the next level at 26,750 points.
