HSI breaks below 100-day moving average


Hong Kong Hang Seng Index (HSI) Technical Analysis Report for Jun 13, 2018 [1 min read]
Highlights
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
TQ Sentiment
Technical Forecast:
Overview

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 chart for HSI
Volatility

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.

Support/Resistance

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.

Trend

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.

Order Flow

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.

Conclusion

While classical technical analysis indicates a bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Hong Kong Hang Seng Index
ConditionForecastDirectionWinAvgWorstBestEvents
Close to R1 Resistance TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Price broke through Technical Resistance R1 TQ Pro Members Only
Low close to previous low TQ Pro Members Only
Bearish Bounce off SMA 200 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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HSI pushes through key resistance level

Jun 20, 2018
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