HSI closes lower for the 4th day in a row


Hong Kong Hang Seng Index (HSI) Technical Analysis Report for Apr 17, 2018 [< 1 min read]
Highlights
HSI closes lower for the 4th day in a row
HSI ends the day on a bearish note closing near the low of the day
HSI breaks below previous session low
HSI falls to lowest close since April 6th
TQ Sentiment
Report Sentiment: 60% Bearish
Technical Forecast:
Overview

Moving lower for the 4th day in a row, HSI ended Tuesday at 30062.75 losing HK$252.84 (-0.83%). Today's closing price of 30062.75 marks the lowest close since April 6th. Closing below Monday's low at 30190.75, HSI Index confirms its breakout through the previous session's low having traded HK$178.05 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for HSI
Volatility

Tuesday's trading range was HK$465.09 (1.53%), that's slightly below last trading month's daily average range of HK$486.45. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.

Support/Resistance

Prices are trading close to the key resistance level at 30329.08.

Trend

Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.

Order Flow

With prices trading close to this year's low at 29129.26, downside momentum might speed up should the index break out to new lows for the year. As prices are trading close to April's low at 29518.69, downside momentum could accelerate should the stock index mark new lows for the month.

Conclusion

While classical technical analysis indicates a slightly bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Hong Kong Hang Seng Index
ConditionForecastDirectionWinAvgWorstBestEvents
Close near high of period TQ Pro Members Only
High close to previous High TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Bullish Intraday Reversal TQ Pro Members Only
Bounced off Technical Support S1 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

HSI finds buyers at key support level

Jul 20, 2018
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