HSI closes higher for the 4th day in a row
Hong Kong Hang Seng Index (HSI) Technical Analysis Report for Mar 13, 2018
Moving higher for the 4th day in a row, HSI ended Tuesday at 31601.45 edging higher HK$7.12 (0.02%). Today's closing price of 31601.45 marks the highest close since February 5th. Trading up to HK$108.73 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 within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Tuesday's trading range was HK$248.52 (0.79%), that's below last trading month's daily average range of HK$420.29. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being way below average.
After trading as low as 31461.47 during the day, the market bounced off the key support level at 31472.47. The failure to close below the support could increase that levels importance as support going forward.
The trend is clearly bullish, showing an intact uptrend 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 very bullish.
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