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| HSI Hang Seng Index 2015-04-29 |
HSI opened and traded below its previous close (28442.75) for the whole day. However, it managed to keep its ground from the selling pressure in the morning and bounced back to close at its intraday highest position. Although it didn't manage to break the next resistance level, the support at the current level is strong. This also ease the possibility of trend reversal after the doji candlestick yesterday.
"Even after the doji forms, further downside is required for bearish confirmation. This may come as a gap down, long black candlestick, or decline below the long white candlestick's open. After a long white candlestick and doji, traders should be on the alert for a potential evening doji star."
For the other technical indicators, Bollinger bands are widening, indicating the possibility of an upward acceleration. RSI is exiting from the overbought region as well, and uptrend shown by the 20 days, 50 days, 200 days moving averages remains intact. It is likely for HSI to breakthrough the current resistance and hit another historical high.
(click on the image to view the larger chart)
