HSI ends the day on a bullish note closing near the high of the day
Hong Kong Hang Seng Index (HSI) Technical Analysis Report for Sep 14, 2018
Moving higher for the 2nd day in a row, HSI ended the week 1.16% higher at 27286.41 after gaining HK$271.92 (1.01%) today. Today's closing price of 27286.41 marks the highest close since September 4th. Trading up to HK$202.34 lower after the open, the stock index managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Thursday's high at 27014.49, the index confirms its breakout through the prior session's high having traded HK$325.53 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Friday's trading range was HK$312.57 (1.15%), that's slightly below last trading month's daily average range of HK$362.54. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly above average.
Prices are trading close to the key resistance level at 27578.09.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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