HSI dominated by bears dragging the market lower throughout the day


Hong Kong Hang Seng Index (HSI) Technical Analysis Report for Jul 13, 2018 [< 1 min read]
Highlights
HSI dominated by bears dragging the market lower throughout the day
HSI closes higher for the 2nd day in a row
HSI closes within previous day's range after lackluster session
TQ Sentiment
Report Sentiment: 25% Bearish
Technical Forecast:
Overview

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.

Daily chart for HSI
Volatility

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.

Trend

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.

Order Flow

Buying could accelerate should prices move above the close-by swing high at 28981.93 where further buy stops might get activated.

Conclusion

While classical technical analysis indicates a neutral 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 near high of period TQ Pro Members Only
High close to previous High TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Bullish Intraday Reversal TQ Pro Members Only
Bounced off Technical Support S1 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

HSI finds buyers at key support level

Jul 20, 2018
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