HSI dominated by bears dragging the market lower throughout the day
Moving lower for the 3rd day in a row, HSI ended Thursday at 30942.15 losing HK$168.05 (-0.54%). Today's closing price of 30942.15 marks the lowest close since May 10th. The bears were in full control today, moving the market lower throughout the whole session. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range. Ending with a weak close near the low of the day sets a bearish note for the next session.
Thursday's trading range was HK$474.56 (1.51%), that's far above last trading month's daily average range of HK$337.88. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.
Notwithstanding a strong opening the market closed below the previous day's open and close, forming a bearish Engulfing Candle.
Prices are trading close to a key support level at 30679.47. Breaking below the key support level at 31081.68 today, it is now likely to act as resistance going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling could accelerate should prices move below the nearby swing low at 30818.78 where further sell stops might get triggered.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
Market Conditions for Hong Kong Hang Seng Index
|Black Candle||TQ Pro Members Only|
|High close to previous High||TQ Pro Members Only|
|Close to Swing Low||TQ Pro Members Only|
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