Hang Seng Does it Again: Heads Down for the 2nd Straight Day

News Releases Impacting Hang Seng

  • Forecasted GDP Growth Rate QoQ Final in Hong Kong: 0.1%. The previous number: -0.9%. (111.11% difference between the two.)

The Hourly View for Hang Seng

  • At the moment, HSI’s price is down -2 (-0.01%) from the hour prior.
  • This is a reversal of the price action on the previous hour, in which price moved up.
  • As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe.
  • Price action traders may also wish to note that we see a pin bar candlestick pattern on Hang Seng. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
  • The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

Hang Seng’s hourly price chart is shown below.

HSI

The Daily View for Hang Seng

  • At the moment, HSI’s price is down -106.74 (-0.43%) from the day prior.
  • It’s been a feast for bears operating on the daily timeframe, as Hang Seng has now gone down 9 of the past 10 days.
  • Regarding the trend, note that the strongest trend exists on the 20 day timeframe.
  • Price action traders may also wish to note that we see a pin bar candlestick pattern on Hang Seng. Given that we see downtrend on the 10 daily candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
  • The moving averages on the daily timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

Below is a daily price chart of Hang Seng.

HSI