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RHB Retail Research

Author: rhboskres   |   Latest post: Fri, 22 Nov 2019, 10:07 AM

 

Hang Seng Index Futures - Another White Candle – Stay Long

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Stay long, with trailing-stop set below the 27,325-pt support. The upward movement of the HSIF has continued as expected, as a white candle was formed yesterday. It rose to a high of 28,158 pts during the intraday session, before ending at 28,130 pts for the day. Market sentiment remains bullish, as the aforementioned white candle was the second one recorded in two consecutive days. In addition, the 14-day RSI indicator is now rising higher without being overbought, thereby enhancing the bullish sentiment. Overall, the bullish outlook should remain intact.

According to the daily chart, we anticipate the immediate support at 27,325 pts, ie near the midpoint of 25 Jan’s long white candle. If a breakdown arises, the next support is seen at 26,164 pts, determined from the low of 14 Jan. Towards the upside, we maintain the near-term resistance at 28,200 pts, ie the high of 1 Feb. This is followed by 28,574 pts, which was the previous high of 30 Aug 2018.

Hence, we advise traders to stay long, following our recommendation to initiate long above the 26,000-pt level on 10 Jan. A trailing-stop is preferably set below the 27,325-pt mark in order to lock in part of the profits.

Source: RHB Securities Research - 12 Feb 2019

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