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HANG SENG FALLS BELOW MA5 ON TRADE WORRIES AND PROTESTS - Capital Street FX

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    • HANG SENG FALLS BELOW MA5 ON TRADE WORRIES AND PROTESTS
29-Nov
19:21 IST

Hang Seng futures are currently trading at 26407-lower by 1.90% as compared to the previous closing price. The contract closed in the negative territory in the last trading session also.

In the Cash Markets, the Hang Seng index fell 2.03% to close at 26,346.49 on Friday. The benchmark index lost 0.9% for the week.

The Hang Seng China Enterprises Index lost 2.46% to close at 10,301.82 on Friday.

The Hang Seng dropped today due to renewed doubts over the prospects of the U.S.-China deal. Signs of economic damage from persistent anti-government protests in Hong Kong also weighed on the index.

The U.S. President has signed two bills supporting the Hong Kong protesters into law on Wednesday.

The Chinese government said on Thursday that it would take counter measures in response to the U.S. government’s backing anti-government protesters in the Asian financial hub.

Investors were also concerned about signs of more economic damage as the Chinese-ruled city geared up for weekend protests.

Top losers in the index include- CSPC Pharmaceutical Group Ltd. (plunged 9.7%), Sino Biopharmaceutical Ltd (fell 4.9%) and Country Garden Holdings Co Ltd (dropped 3.0%) on Friday.

Stocks of life insurer AIA fell 2.24% on Friday.

Government data released earlier today showed that Hong Kong private home prices dropped for a fifth straight month in October. October prices slipped 1.3% compared with a revised decline of 1.7% in September.

On the technical front, the RSI is currently at 42.69% and suggests that the market can continue trading sideways. The current price is below the MA5. The current price is below the middle line of the Bollinger bands and is heading downwards.

Overall Bias is Negative and short-term trades can be initiated with tight Stop Loss and Take Profit targets. This trade can remain valid until Monday.

 

Trade Suggestion- Limit Sell At 26440 Take Profit At 26300 Stop Loss At 26510

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