HSI closes lower for the 2nd day in a row
Moving lower for the 2nd day in a row, HSI ended Thursday at 30440.17 losing HK$284.98 (-0.93%). Today's closing price of 30440.17 marks the lowest close since May 30th. Closing below Wednesday's low at 30688.26, the stock index confirms its breakout through the prior session's low having traded HK$338.30 below it intraday.
Thursday's trading range was HK$428.00 (1.39%), that's far above last trading month's daily average range of HK$303.87. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being slightly below average.
Breaking below the key support level at 30525.74 today, it is now likely to act as resistance going forward.
HSI Index shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish. The index broke below the 50-day moving average at 30629.26 today for the first time since May 29th.
While classical technical analysis indicates a slightly bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
Market Conditions for Hong Kong Hang Seng Index
|Down Close Near Low of Period||TQ Pro Members Only|
|3 Consecutive Lower Closes||TQ Pro Members Only|
|Close to R1 Resistance||TQ Pro Members Only|
|Closed below last periods low||TQ Pro Members Only|
|Close near low of period||TQ Pro Members Only|
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