HSI closes below its opening price unable to hold early session gains


Hong Kong Hang Seng Index (HSI) Technical Analysis Report for Oct 09, 2019 | by Techniquant Editorial Team

Highlights

HSI falls to lowest close since September 3rd
HSI closes below its opening price unable to hold early session gains
HSI ends the day indecisive

Overview

HSI ended Wednesday at 25682.81 losing $210.59 (-0.81%). Today's close at 25682.81 marks the lowest recorded closing price since September 3rd. Trading $129.96 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on September 24th, HSI lost -1.28% on the following trading day. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily Candlestick Chart (HSI as at Oct 09, 2019):

Daily technical analysis candlestick chart for Hong Kong Hang Seng Index (HSI) as at Oct 09, 2019

Wednesday's trading range has been $210.18 (0.82%), that's below the last trading month's daily average range of $296.42. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for HSI.

Prices are trading close to the key technical support level at 25612.49 (S1).

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

Selling might accelerate should prices move below the nearby swing low at 25612.49 where further sell stops could get activated. Further selling might move prices lower should the market test September's close-by low at 25498.11.

Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bearish Intraday Reversal" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Hang Seng. Out of 312 times, HSI closed higher 53.85% of the time on the next trading day after the market condition occurred.

With five out of the other six Major World Indices closing higher today, the ones that stand out on the positive side are NDX gaining 1.13% and DAX closing 1.04% higher. On the flipside the worst performer has been NKY closing -0.61% lower. Read more


Market Conditions for HSI as at Oct 09, 2019

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