HSI runs into sellers again around 28665.90


Hong Kong Hang Seng Index (HSI) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
HSI dominated by bears dragging the market lower throughout the day
HSI finds support at 20-day moving average
HSI ends the day on a bearish note closing near the low of the day
HSI runs into sellers again around 28665.90
HSI closes within previous day's range
TQ Sentiment
Report Sentiment: 33% Bearish
Technical Forecast:
Overview

HSI ended the week 2.45% higher at 28355.54 after losing HK$251.76 (-0.88%) today. The bears were in full control today, moving the market lower throughout the whole session. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for HSI
Volatility

Friday's trading range was HK$368.91 (1.29%), that's slightly above last trading month's daily average range of HK$364.75. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being slightly below average.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.

Support/Resistance

Prices are trading close to a key support level at 28169.10. After having been unable to move above 28728.17 in the previous session, the stock index ran into sellers again around the same price level today, failing to move higher than 28665.90. After trading as low as 28296.99 during the day, HSI Index found support at the 20-day moving average at 28346.86.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Order Flow

Buying might accelerate should prices move above the nearby swing high at 28728.17 where further buy stops could get triggered. Selling might speed up should prices move below the close-by swing low at 28192.81 where further sell stops could 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
Condition Forecast Direction Win Avg Worst Best Events
Black Candle TQ Pro Members Only
High close to previous High TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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