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
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