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April 29, 2023
While in the midst of a 7 day downtrend, losing a total of 3.55% (786.93 points), A possible change of direction spotted from yesterday; HANG SENG INDEX rose 59.72 points to close at 19,900 yesterday which makes for a move of 0.27%.
Hang Seng's lower Bollinger Band® is at 19,500, indicating that the market is oversold and fertile for new buyers.
Following today's unexpected gains, extensive multifactorial technical analysis forecasts HANG SENG INDEX to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the HANG SENG INDEX is expected to pick up significant bullish sentiment in the coming days.
Other markets are also showing gains as Nikkei went up by 1.4% yesterday, and closed at 28,856. Dow Jones added 0.8% and closed around 33,826 yesterday.
The index has been trending positively for about a month. HANG SENG INDEX is now trading 12.56% below the significant high of 22,700 it set around 3 months ago.
