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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
HONG KONG STOCKS
Adding to our previous commentary, downside pressure on the Hang Seng has been mounting since the index printed strongest levels since 2018 last week. It then charted a bearish engulfing line candlestick pattern and pulled back from the aforementioned cycle highs on a rising volume, which crossed above its 15-DMA and indicated the strength of underlying momentum. At the same time, the RSI returned above the 70 threshold after a foray above that level, as a clear bearish divergence unfolded, reinforcing the bearish case.
- Downside focus falls on the 23.6% retracement of the Sep 25 - Feb 18 rally at 29,281 and a break here would shift focus to the 50-DMA at 28,467. Conversely, bulls need to recover Feb 18 high of 31,183 to regain control.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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