HSI dominated by bears dragging the market lower throughout the day
Hong Kong Hang Seng Index (HSI) Technical Analysis Report for Jul 13, 2018
Moving higher for the 2nd day in a row, HSI finished the week 0.74% higher at 28525.44 after edging higher HK$44.61 (0.16%) today. The bears were in full control today, moving the market lower throughout the whole session. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Friday's trading range was HK$214.85 (0.75%), that's far below last trading month's daily average range of HK$462.16. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.
Though Hang Seng Index is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.
Buying could accelerate should prices move above the close-by swing high at 28981.93 where further buy stops might get activated.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.