RHB Retail Research
Hang Seng Index Futures - Upside Swing Stays Intact
Stay long while setting a trailing-stop below the 27,380-pt support. The HSIF formed a “Doji” candle on Tuesday. It rose to a high of 27,922 pts during the intraday session, before ending at 27,879 pts for the day. Given that the index has managed to stay above the previously indicated 27,380-pt support for more than a week, this suggests that the upside swing is not over yet. Moreover, the 21-day SMA line is likely to start turning higher, suggesting additional upward momentum may be present in the coming sessions.
Based on the daily chart, the immediate support level is seen at 27,380 pts, set near the midpoint of 13 Dec’s “Long White Day” candle. The next support would likely be at 26,262 pts, ie the previous low of 11 Dec. On the other hand, we are now eyeing the immediate resistance level at 28,080 pts, defined from 23 Dec’s high. If a breakout arises, look to 28,841 pts – obtained from the previous high of 19 Jul – as the next resistance.
Hence, we advise traders to stay long, following our recommendation of initiating long above the 26,500-pt level on 12 Dec. Meanwhile, a trailing-stop set below the 27,380-pt threshold is advisable to lock in part of the profits.
Source: RHB Securities Research - 26 Dec 2019
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