HANG SENG INDEX closed Friday at 18,551 after four straight days of drops

Trading is currently halted for Memorial Day but will resume tomorrow. Meanwhile, here is a recap of Friday: HANG SENG INDEX draws back 1.04% to close at 18,551 Friday.

Trend and momentum analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. According to momentum evaluation, the Relative Strength Index has gone below 30, going into oversold conditions and allowing more gains. Asset volatility analysis shows that HANG SENG INDEX's lower Bollinger Band® is at 18,846, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.

With market volatility ebbing, the current technical outlook indicates HANG SENG INDEX will remain range-bound for the immediate future.

Other assets are showing positive performances as Nasdaq went up by 2.19% Friday, and closed at 12,976. ASX 200 added 0.87% and closed around 7,154.8 Friday. S&P 500 is trading around 4,205.45 after ending Friday's session at 4,151.28 (up 1.3% today).

The index has been trending lower for about a month. HANG SENG INDEX is now trading 17.37% below the significant high of 22,700 it set around 4 months ago.