HSI closes lower for the 2nd day in a row


Hong Kong Hang Seng Index (HSI) Technical Analysis Report for Jun 14, 2018 [< 1 min read]
Highlights
HSI breaks key support level
HSI breaks below 50-day moving average
HSI closes lower for the 2nd day in a row
HSI breaks below previous session low
HSI falls to lowest close since May 30th
TQ Sentiment
Technical Forecast:
Overview

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.

Daily chart for HSI
Volatility

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.

Support/Resistance

Breaking below the key support level at 30525.74 today, it is now likely to act as resistance going forward.

Trend

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.

Conclusion

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
ConditionForecastDirectionWinAvgWorstBest
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
More market conditions identified for TQ Pro members...
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Latest Report:

HSI breaks below previous session low

Jun 15, 2018
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