Hang Seng (HSI) Up 0.47%, Breaks Above 20 Day Average; Price Base in Formation Over Past 30 Days

The Hourly View for HSI

Last Updated April 23, 2021, 03:018 GMT

At the moment, Hang Seng’s price is up 69 (0.24%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as Hang Seng has now gone up 4 of the past 5 hours. If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 hour timeframes. 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 Daily Price Recap

28755.34 was the closing price of the day for Hang Seng, resulting in today being one in which price moved up 0.47% ($133.42) from the previous day. Relative to other instruments in the equity indices asset class, Hang Seng ranked 9th since the previous day in terms of percentage price change. Here is a daily price chart of Hang Seng.

HSI

Hang Seng Technical Analysis

Notably, Hang Seng crossed above its 20 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 6 out of the past 10 days. As for those who trade off of candlesticks, we should note that we’re seeing doji and pin bar patterns appearing here.