The Hang Seng Index Futures (HSIF) extended its downward trend for a second consecutive session, closing down 154 points at 20,628 points, according to a report by RHB Investment Bank Bhd. The index initially opened at 20,784 points and fluctuated between a high of 21,510 points and a low of 20,241 points before settling. Despite a late rally that saw the index rise by 442 points to last trade at 21,070 points, the day concluded on a weaker note, dipping below the 20,700-point support level and signalling a strong bearish momentum.

Following this decline, the bearish momentum suggests further downside risk in the coming sessions, with the index potentially retreating towards 20,000 points. Given the recent breach of the 20,700-point stop-loss level, long positions were closed, and a negative trading bias has been adopted. New short positions have been initiated based on the close of trading on Oct 9 at 20,628 points, with a revised stop-loss set at 22,000 points to mitigate trading risks.

Support levels are now positioned at 20,000 points for HSIF, with secondary support at 19,085 points, the latter marking the close on Sept 24. Meanwhile, resistance is pegged at 22,000 points, followed by a higher threshold at 23,000 points. The current bearish trajectory indicates that while a temporary rebound is possible, further correction remains likely if the Hang Seng Index fails to establish a "higher high" candlestick in upcoming sessions.