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June 25, 2023
Friday at a glance: HANG SENG INDEX ended Friday at 18,900 following from closing Friday at 19,218. Overall, this represents a loss of 318.35 points or 1.71%.
With regards to technical trend indicators, chart analysis show 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. Asset volatility analysis shows that HANG SENG INDEX's lower Bollinger Band® is at 18,700, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Overall, the technical outlook suggests HANG SENG INDEX is likely to remain muted for the immediate future, with no clear-cut direction.
In the meantime, negative performances are also seen in other markets, ASX 200 is down to 7,099.2, losing 96.3 points, after ending the previous session around 7,195.5. Nikkei is down to 32,782, losing 483.34 points, after ending the previous session around 33,265. KOSPI Composite Index slides down 0.91% Friday and closed at 2,593.7.
Approximately 4 months ago, HANG SENG INDEX reached a significant high of 22,700 but has struggled to hold onto its gains and declined 15.3% since then.
