Hang Seng Index Futures Poised To Test 24,500 Following Strong Bullish Momentum
RHB Investment Bank Bhd (RHB Research) is maintaining its long position on the Hang Seng Index Futures (HSIF) as the index extended its bullish momentum on Monday, closing firmly above the 23,000-pt mark.
The HSIF surged 613 points to end the day at 23,400 points, after opening at 22,790 points and briefly dipping to a session low of 22,716 points. It then staged a sharp rebound to hit an intraday high of 23,628 points. The strong finish near the day's peak indicates persistent buying interest, reinforcing the index's short-term uptrend.
During the evening session, the HSIF added another 3 points to last trade at 23,403 points. RHB Research highlighted that the Relative Strength Index (RSI) remains elevated above the 50% threshold, reflecting continued bullish momentum. Both the 20-day and 50-day simple moving average (SMA) lines are trending upwards, further supporting the positive outlook.
'With a decisive breakout above the 23,000-pt resistance level now in place, the path appears open for the index to challenge the 24,500-pt resistance level in the coming sessions,' RHB Research reported.
RHB Research maintains its trading bias as positive and advises traders to hold on to the long position initiated at 21,416 points (based on the April 14 close). To manage downside risk, the stop-loss has been revised higher from 21,500 points to 22,000 points.
The immediate support level is now placed at 22,000 points, with a lower support marked at 21,000 points. On the upside, resistance is seen at 24,500 points, with a secondary resistance target at 26,000 points. Related
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