A quick look at yesterday: HANG SENG INDEX improves 1.25% to close at 21,052 yesterday.
Concerning technical analysis and more specifically, trend indicators, investors are seeking long positions as Hang Seng price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. According to momentum evaluation, according to technical analysis of HANG SENG INDEX's Relative Strength Index (RSI), the market is currently overbought. According to asset volatility analysis, HANG SENG INDEX's upper Bollinger Band® is at 20,674, this is a slight indication of a slowdown.
Notwithstanding HANG SENG INDEX's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Other markets are also showing gains as FTSE went up by 0.47% yesterday, and closed at 7,620.5. S&P 500 rises 0.75% yesterday and closed at 3,824. Nasdaq goes up 0.69% yesterday and closed at 10,400.
The index has been trending positively for about a month. This year has been a bright one for HANG SENG INDEX after trading as low as 14,700 and going on to appreciate by 3.22% year to date.