RHB Retail Research
Hang Seng Index Futures - Outlook Remains Positive
Maintain long positions. The HSIF ended lower to form a black candle yesterday. It closed at 27,856 pts, off its high of 28,080 pts and low of 27,846 pts. However, it is not surprising that buyers may be taking a breather following the recent gains. On a technical basis, given that the index has continued to stay above the rising 21-day SMA line, this implies that the bullish sentiment is still intact. Overall, we believe that the rebound – which started from 5 Dec’s “Bullish Harami” pattern – may carry on.
As seen in the chart, we are eyeing the immediate support level at 27,380 pts, ie near the midpoint of 13 Dec’s “Long White Day” candle. If this level is taken out, look to 26,262 pts – which was the previous low of 11 Dec – as the next support. Towards the upside, the immediate resistance level is seen at 28,032 pts, defined from the high of 18 Dec. Meanwhile, the next resistance is anticipated at 28,841 pts, ie the previous high of 19 Jul.
Therefore, we advise traders to maintain long positions, since we initially recommended initiating long above the 26,500-pt level on 12 Dec. In the meantime, a trailing-stop can be set below the 27,380-pt threshold to secure part of the gains.
Source: RHB Securities Research - 24 Dec 2019
More articles on RHB Retail Research
Discussions
Be the first to like this. Showing 0 of 0 comments
Post a Comment
Featured Posts
Latest Videos
Apps
Top Articles
1
CEO Morning Brief
PGF Capital to Distribute Thermal Insulated Panels for Data Centres
3
Rakuten Trade Research Reports
4
5
The Alpha Trader
6
Bimb Research Highlights
7
Chloe Tai Blog
8
RHB Investment Research Reports
#
Stock
Score
Daily Stocks
Stock Name
Last
Change
Volume
Stock Name
Last
Change
Volume
Stock Name
Last
Change
Volume
MQ Trading Signals
Stock
Time
Signal
Duration
Stock
Time
Signal
Duration
Featured Advertisers / Partners
Ride The Bull Short The Bear
CS Tan
4.9 / 5.0
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
