Hang Seng Index Futures Maintain Bullish Momentum, Targets 26,000 Resistance
The HSIF closed 25 points higher at 24,185 points on Monday, after rebounding from an intraday low of 24,049 points to test the day's high of 24,270 points. During the evening session, the futures extended gains by another 79 points, last traded at 24,264 points.
RHB Research noted that the Relative Strength Index (RSI) is trending upwards, reinforcing signs of strengthening bullish momentum. The index remains firmly above its rising 20-day simple moving average (SMA), a key indicator that the underlying trend remains intact.
'If the momentum persists, the HSIF may attempt to break the immediate resistance at 24,500 points. A successful breakout could lift the index further towards the next key resistance at 26,000 points,' the research house said.
Traders holding long positions from 21,416 points (14 April close) are advised to continue doing so. The stop-loss remains at 23,000 points, which also serves as immediate support, followed by a lower threshold at 22,000 points. Related
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