HSI breaks key support level
Hong Kong Hang Seng Index (HSI) Technical Analysis Report for Apr 16, 2018
Moving lower for the 3rd day in a row, HSI ended Monday at 30315.59 losing HK$492.79 (-1.6%). Today's closing price of 30315.59 marks the lowest close since April 9th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Friday's low at 30707.77, HSI Index confirms its breakout through the prior session's low having traded HK$517.02 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Monday's trading range was HK$658.97 (2.14%), that's far above last trading month's daily average range of HK$486.28. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.
Breaking below the key support level at 30637.14 today, it is now likely to act as resistance going forward.
The stock index shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish. Hang Seng Index broke below the 100-day moving average at 30580.89 today for the first time since March 28th.
As prices are trading close to April's low at 29518.69, downside momentum could speed up should the market mark new lows for the month.
While classical technical analysis indicates a bearish 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||Direction||Win Rate||Win Rate||Exit Day||Exit Day||Events|
|Close near high of period||TQ Pro Members Only|
|Bullish Outside Bar||TQ Pro Members Only|
|Closed above last periods high||TQ Pro Members Only|
|Close to Swing High||TQ Pro Members Only|
|Bullish Engulfing Candle||TQ Pro Members Only|
More market conditions identified for TQ Pro members...
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