The HSIF fell 8 pts on Friday to close at 17,022 pts, as it eyes a bearish breakout at 17,000 pts.
RHB Retail Research (RHB) in a note today (July 29) said the index began Friday's session at 17,031 pts.
It dipped to 16,930 pts before closing at 17,022 pts.
In the evening, it recouped 104 pts and was last traded at 17,126 pts.
The latest session saw a fresh "lower low" and "lower high".
The RSI is trending lower, below the 50% mark, showing that bearish momentum is still in play.
Based on the bearish technical setup, the index is likely to see a bearish breakout at the 17,000-pt support level.
If the index stages a rebound, it will face resistance near the 20-day SMA line.
At this juncture, the technical setup remains bearish.
As such, they maintained the negative trading bias.
RHB noted that the traders are recommended to keep the short positions initiated at the close of 30 May (18,126 pts).
To minimise the trading risks, the stop-loss is set at 18,500 pts.
The nearest support is marked at 17,000 pts, followed by 16,000 pts.
The nearest resistance is still pegged at 18,000 pts, followed by 18,500 pts.