HSI dominated by bears dragging the market lower throughout the day


Hong Kong Hang Seng Index (HSI) Technical Analysis Report for May 17, 2018 [1 min read]
Highlights
HSI breaks key support level
HSI dominated by bears dragging the market lower throughout the day
HSI closes lower for the 3rd day in a row
HSI ends the day on a bearish note closing near the low of the day
HSI falls to lowest close since May 10th
TQ Sentiment
Report Sentiment: 44% Bearish
Technical Forecast:
Overview

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.

Daily chart for HSI
Volatility

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.

Price Action

Notwithstanding a strong opening the market closed below the previous day's open and close, forming a bearish Engulfing Candle.

Support/Resistance

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.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

Selling could accelerate should prices move below the nearby swing low at 30818.78 where further sell stops might get triggered.

Conclusion

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
Condition Forecast Direction Win Avg Worst Best Events
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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