Hang Seng Index Futures Slide For Fourth Session, Long Bias Above 23,000 Pts
The index opened higher at 24,748 points, briefly touching an intraday peak of 24,831 points before reversing to hit a low of 24,437 points. It closed with a bearish candlestick pattern, signalling continued downside sentiment. In the evening session, HSIF fell further by 168 points, last trading at 24,282 points.
RHB Research noted that the index is now trading below the 20-day simple moving average (SMA), while the descending Relative Strength Index (RSI) indicates waning bullish strength. 'If the correction persists, we expect the index to drift lower towards the 23,800-point support,' the report stated, adding that a rebound could still emerge from this immediate support zone.
Despite the weakness, the research house maintained its positive trading bias, provided the index holds above the 23,000-point threshold. Traders are advised to keep long positions initiated at 21,416 points on April 14, with a stop-loss level set at 23,000 points.
Immediate resistance is seen at 26,000 points, followed by 27,000 points. The key support levels are pegged at 23,800 points and 23,000 points.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
BusinessToday
12 hours ago
- BusinessToday
Gold Prices Slip 0.38% In Malaysia Despite Global Bullish Outlook
Gold prices in Malaysia edged lower at midday, with the price per kilogramme at RM457,806.74, down RM1,733.51 or 0.38%, according to data from On a daily basis, gold fell RM53.45 or 0.37%, though it remains up 1.26% over 30 days, 13.31% over six months, and 33.66% year-on-year. The decline comes as COMEX gold continued its rebound globally, gaining US$26.30 to settle at US$3,399.50, extending its rally for a third straight session. According to RHB Investment Bank Bhd (RHB Research), the metal closed firmly above its 20- and 50-day simple moving averages, signalling bullish momentum. RHB Research said the relative strength index (RSI) has crossed above the 50% mark, indicating stronger upside potential, with resistance targeted at US$3,450 and higher at US$3,600, while support is seen at US$3,250. The research house advised traders to maintain long positions, first initiated at US$3,402.40, with a stop-loss at US$3,150. Despite the local pullback, analysts expect sentiment to remain positive as global technical indicators suggest further upside for gold in the near term.
BusinessToday
a day ago
- BusinessToday
Hang Seng Index Futures Extends Gains, Bullish Momentum Builds
The Hong Kong Hang Seng Index Futures (HSIF) continued its upward momentum on Tuesday, closing 130 points higher at 24,844 points, according to RHB Investment Bank Bhd (RHB Research). The index opened weaker at 24,718 points and briefly touched 24,613 points before reversing sharply to hit an intraday high of 24,882 points. It settled near the peak, while the evening session saw a slight dip of 32 points to 24,812 points. RHB said the bullish candlestick formation, combined with the Relative Strength Index (RSI) climbing above the 50% mark, indicates strengthening upside momentum. The price remains above both the 20-day and 50-day simple moving averages, reinforcing the near-term bullish trend. 'As long as the index stays above 23,000 points, the broader structure remains favourable for the bulls. We maintain our positive trading bias,' RHB stated. The research house advised traders to keep long positions initiated at 21,416 points, with a stop-loss at 23,000 points. Immediate resistance levels are seen at 26,000 and 27,000 points, while support lies at 23,800 points and 23,000 points.
BusinessToday
2 days ago
- BusinessToday
Kelington Poised For Share Price Re-Rating After Major European Win
RHB Investment Bank Bhd (RHB Research) has maintained a BUY call on Kelington Group with a revised target price of RM5.40 from RM4.30, representing a 28.6% upside and a dividend yield of about 3%. The research house said its valuation includes a 6% ESG premium, based on 26 times FY2026 forward earnings, in line with the historical KLTEC mean. The upgrade follows Kelington's receipt of a Letter of Intent for a maiden semiconductor hook-up contract in Dresden, Germany, worth up to €50 million (RM244 million). According to RHB Research, this marks the group's first foothold in Europe and is expected to catalyse further share price re-rating, supported by the improving risk-reward profile in the global chip sector. It added that new order wins could surpass the FY2022 record, with the latest European contract pushing year-to-date wins to about RM800 million against RM390 million in the first quarter. The Letter of Intent covers pricing structures and adjustment clauses effective until 2027, paving the way for a full contract with Kelington's existing European client. The initial phase of the project is valued at a minimum of €30 million (RM146 million), potentially rising to €50 million over two years, with further opportunities beyond that. RHB Research said the development is significant as part of Kelington's RM2.5 billion European tender book as of end-May. Looking ahead, the firm expects more positive news flow as additional tender results emerge by the third and fourth quarters, potentially lifting FY2025 order replenishments beyond the RM1.1 billion recorded in FY2024 and its earlier RM1.26 billion estimate. It has raised its FY2025 order book replenishment forecast to RM1.8 billion, leaving FY2026 and FY2027 projections unchanged. This adjustment increases core earnings forecasts by 11%, 12.7% and 4.5% for FY2025-2027, respectively. Among pending bids are a joint venture involving Taiwan's largest foundry for a new German fabrication plant valued at RM1.5 billion and a RM292 million fab tender in India. The company's tender book of over RM5 billion should sustain operations well into FY2027, the research house noted. For the upcoming second-quarter results due on 21 August, RHB Research expects Kelington to outperform its own and market estimates, forecasting revenue growth of 20%-25% quarter-on-quarter and core profit after tax and minority interest in the RM30 million to RM34 million range, up from RM26.6 million in the first quarter. Advanced engineering remains the main growth driver, contributing significantly to Kelington's RM1.43 billion outstanding order book as at March. Meanwhile, its industrial gas segment is projected to deliver a 23% revenue compound annual growth rate for FY2025-FY2027, supported by higher liquid carbon dioxide demand and a new on-site gas supply deal with an opto-electronics client in Kedah.
