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March 10, 2023
HANG SENG INDEX is down to 19,320, after ending yesterday at 19,926. Overall, a 3.04% loss or 605.82 points today.
Investor risk appetite was subdued as stocks were sold off in favour of perceivably safer alternatives such as government bonds. The iShares U.S. Treasury Bond ETF has gone up 1.36% to trade at $23.04, thereby indicating that government bond yields were downbeat across the yield curve.
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. HANG SENG INDEX has just crossed the lower Bollinger Band® at 19,538, indicating further losses could be forthcoming. In contrast, 'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end.
Looking forward, HANG SENG INDEX is poised to extend its strong downtrend and continue declining.
In the meantime, negative performances are also seen in other markets, ASX 200 falls 2.28% to trade around 7,144.7. FTSE is down to 7,748.35, losing 131.65 points, after closing at 7,880 in the preceding trading session. Nikkei is down to 28,144, losing 479.18 points, after closing at 28,623 in the preceding trading session.
A month ago HANG SENG INDEX reached a significant high of 22,700 but has consequently lost 12.18% since then.
