RHB Investment Bank Bhd (RHB Research) maintained its bullish trading bias on Hang Seng Index Futures (HSIF), advising traders to stay long as the major support at 24,600 points remains intact, with the index expected to test 25,250 points.
The HSIF rebounded 74 points on Monday to close at 24,873 points, remaining above the 24,600-point support level.
The index opened at 24,810 points before moving between an intraday high of 24,928 points and a low of 24,630 points.
In evening trading, HSIF rose another 155 points to last trade at 25,028 points.
RHB Research said the latest price action reaffirmed 24,600 points as the immediate support level and expects the uptrend to resume following the current consolidation if the index stays above that threshold.
The research house said the bulls are likely to push higher and test the 25,250-point resistance, followed by 26,000 points.
It maintained the long positions initiated at 24,657 points, based on the July 15 close, with a stop-loss at 24,600 points to manage trading risk.
The next support level is at 24,000 points if the 24,600-point level is breached.
