RHB Retail Research
Hang Seng Index Futures - a Second Consecutive White Candle
Stay long while setting a new trailing-stop below the 27,380-pt level. The upside strength of the HSIF continued as expected, as a white candle was formed yesterday. It rose to a high of 28,032 pts during the intraday session before ending at 27,917 pts for the day. As the index posted its second consecutive white candle, this can be viewed as the bulls extending their upward momentum. Again, from a technical perspective, we expect the market to climb higher if the immediate 27,949-pt resistance is taken out decisively in the coming sessions.
Presently, we anticipate the immediate support level at 27,380 pts, which is situated near the midpoint of 13 Dec’s “Long White Day” candle. The next support is maintained at 26,262 pts – this was determined from the low of 11 Dec. On the other hand, the immediate resistance is seen at 27,949 pts, ie the high of 7 Nov. If a decisive breakout arises, the next resistance is anticipated at 28,841 pts – this was set at the previous high of 19 Jul.
To re-cap, we initially recommended traders to initiate long positions above the 26,500-pt level on 12 Dec. We continue to advise them to stay long for now while setting a new trailing-stop below the 27,380-pt threshold. This is to lock in a larger part of the profits.
Source: RHB Securities Research - 19 Dec 2019
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