(Last Updated April 15, 2021)
Hello! This is the news page for Hang Seng. Below you’ll find our daily market updates. Here’s a technical and fundamental summary of where things currently stand:
A trend/countertrend situation exists on HSI, in which a downtrend exists on shorter timeframes but an uptrend appears on the 90 and 14 day timeframes. The countertrend on the shorter timeframe may provide an opportunity to buy for those interested in playing the longer term trend.
HSI’s moving averages tell a multi-facted story about its trend. Out of the moving averages we’re monitoring (20, 50, 100, and 200 days), all but the 50 are bullish, implying a upward trend, aside from a drop about 7 weeks prior. Moreover, it should also be noted that the 20 SMA just turned bullish today.
The chart below illustrates.
Currently, HSI’s price is up 202.03 (0.7%) from the week prior. Moreover, note that this is a reversal of the price action on the previous week, in which price moved down. Regarding the trend, note that the strongest trend exists on the 20 week timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on HSI. Given that we see an uptrend on the 20 weekly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Looking further out, the moving averages on the weekly timeframe suggest a choppiness in price, as the are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders. HSI’s weekly price action over the past 52 weeks can be seen via the chart below.
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.
This is a reversal of the price action on the previous hour, in which price moved up.
Regarding the trend, note that the strongest trend exists on the 50 hour timeframe.
Out of the 14 instruments in the equity indices asset class, hang seng ended up ranking 4th for the day in terms of price change relative to the day prior.
For additional context, note that price has gone up 15 out of the past 30 days.
Traders will also want to note, though, that a counter trend — meaning a trend going down — can be seen on the 30 day timeframe.
It should be noted, though, that a trend in the opposite direction, going down, exists on the 30 day timeframe.
This is the 2nd consecutive hour hang seng has seen its price head up.
Relative to other instruments in the equity indices asset class, hang seng ranked 13th since the day prior in terms of percentage price change.
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe.