HSI dominated by bulls lifting the market higher throughout the day

Hong Kong Hang Seng Index (HSI) Technical Analysis Report for Apr 16, 2019 | by Techniquant Editorial Team


HSI dominated by bulls lifting the market higher throughout the day
HSI closes within previous day's range


HSI finished Tuesday at 30129.87 gaining $319.15 (1.07%). The bulls were in full control today, moving the market higher throughout the whole session. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.

Daily Candlestick Chart (HSI as at Apr 16, 2019):

Daily technical analysis candlestick chart for Hong Kong Hang Seng Index (HSI) as at Apr 16, 2019

Tuesday's trading range has been $477.75 (1.61%), that's far above the last trading month's daily average range of $287.94. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for HSI.

One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on April 3rd, HSI actually lost -0.17% on the following trading day.

Prices are trading close to the key technical resistance level at 30222.02 (R1).

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

Buying might speed up should prices move above the close-by swing high at 30280.12 where further buy stops could get activated.

Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Up Move" stand out. Its common bullish interpretation has been confirmed for Hang Seng. Out of 329 times, HSI closed higher 52.58% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 57.75% with an average market move of 0.52%.

With six out of the other six Major World Indices closing higher today, the ones that stand out on the positive side are DAX gaining 0.67% and FTSE closing 0.44% higher. None of the markets ended the day in the red. Read more

Market Conditions for HSI as at Apr 16, 2019

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