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May 26, 2023Yesterday at a glance: HANG SENG INDEX ended yesterday at 18,747 following from closing yesterday at 19,100. Overall, this represents a loss of 353.08 points or 1.93%.
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. A crossing of the lower Bollinger Band® at 19,100 suggests further losses may follow for HANG SENG INDEX.
In the short term, HANG SENG INDEX is expected to maintain its recent downtrend and continue spiralling lower.
In the meantime, negative performances are also seen in other markets, FTSE is down to 7,571, losing 56 points, after ending the previous session around 7,627.
Positive performances can be seen by looking at other markets as Nasdaq added 1.71% and closed around 12,500 yesterday. S&P 500 went up by 0.88% yesterday, and closed at 4,151.28.
The index has been trending lower for about a month. HANG SENG INDEX is now trading 15.75% below the significant high of 22,700 it set around 3 months ago.
