HSI breaks below 100-day moving average

Hong Kong Hang Seng Index (HSI) Technical Analysis Report for Jun 13, 2018 | by Techniquant Editorial Team


HSI breaks key support level
HSI dominated by bears dragging the market lower throughout the day
HSI breaks below 100-day moving average
HSI ends the day on a bearish note closing near the low of the day
HSI breaks below previous session low


HSI ended Wednesday at 30725.15 losing HK$377.91 (-1.22%) following today's FOMC announcement. Today's closing price of 30725.15 marks the lowest close since June 1st. The bears were in full control today, moving the market lower throughout the whole session. Closing below Tuesday's low at 30944.97, the index confirms its breakout through the previous session's low having traded HK$256.71 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily Candlestick Chart (HSI as at Jun 13, 2018):

Daily technical analysis candlestick chart for Hong Kong Hang Seng Index (HSI) as at Jun 13, 2018

Wednesday's trading range was HK$335.47 (1.08%), that's slightly above last trading month's daily average range of HK$302.43. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.

Prices are trading close to a key support level at 30525.74. Breaking below the key support level at 30818.78 today, it is now likely to act as resistance going forward.

Though still in a long-term downtrend, the short and medium-term trends both turned bullish already. Hang Seng Index broke below the 100-day moving average at 30981.48 today for the first time since June 8th.

As prices are trading close to June's low at 30363.49, downside momentum could accelerate should the market mark new lows for the month.

With four out of the other six Major World Indices closing lower following today's FOMC announcement, the ones that stand out on the negative side are DJIA losing -0.47% and SPX closing -0.4% lower. On the flipside the best performers have been NKY closing 0.38% higher and DAX gaining 0.38%. Read more

Market Conditions for HSI as at Jun 13, 2018

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