Is Momentum Changing for Hang Seng? Price Just Crossed Below Its 50 Day Moving Average

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 up 8 (0.03%) from the hour prior.
  • It’s been a feast for bears operating on an hourly timeframe, as Hang Seng has now gone down 4 of the past 5 hours.
  • As for the trend on the hourly timeframe, we see the clearest trend on the 20 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 an uptrend 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 time of this writing, HSI’s price is up 251.85 (1.01%) from the day prior.
  • This is the 3rd day in a row Hang Seng has seen its price head up.
  • If you’re a trend trader, consider that the strongest clear trend on the daily chart exists on the 50 day timeframe.
  • Regarding moving averages, it should first be noted that price has crossed the 50 day moving average, resulting in them so that price is now turning above it. 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.
  • Divergence between HSI’s price and its RSI may be manifesting. As such, be on the lookout for trend reversal in HSI’s price.

Below is a daily price chart of Hang Seng.

HSI

Latest News Discussing HSI

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