HSI closes lower for the 4th day in a row
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.
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.
Prices are trading close to the key resistance level at 30329.08.
Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.
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.
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
|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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