3 days ago
Hang Seng Index Futures Eyes 26,000-Pt Mark As Bullish Momentum Strengthens
The HSIF is set to test the 26,000-point level following a strong bullish run, according to RHB Investment Bank Bhd's latest research.
The index breached the 25,000-point psychological level yesterday, closing at 25,631 points after opening at 24,915 points and reaching a day high of 25,639 points. In the evening session, it added 110 points to finish at 25,741 points. Analysts highlighted that the Bullish Marubozu formation indicates a risk-on market sentiment, supporting further gains.
RHB Research noted that in a bullish trend, resistance levels are generally weak, suggesting a likely breakout beyond 26,000 points, which could pave the way towards 27,000 points. The upward-sloping 20- and 50-day SMA lines continue to reinforce the bullish structure.
Traders are advised to maintain long positions, with a stop-loss set at 23,800 points to mitigate downside risks. Support levels are identified at 23,800 and 23,000 points, while resistance stands at 26,000 and 27,000 points.
