The HSIF is yet to cross above the 20-day SMA line after dipping 1-pt on Thursday to close at 17,128 pts.
RHB Retail Research (RHB) in a note today (Aug 16) said yesterday, the index opened at 17,129 pts.
Initially, it fell to the 16,920 pts day's low and rebounded to the 17,318 pts day's high before closing at 17,128 pts.
In the evening, the index added 180 pts and last traded at 17,308 pts.
At the time of writing, the evening session is still in progress.
The index may attempt to close above the 20-day SMA line (17,131 pts) to confirm a bullish breakout.
The short-term moving average line is still acting as overhead resistance now.
In the event it closes above the 20-day SMA line, the bulls may grow stronger and attempt to test the 17,500 pts resistance.
As long as the HSIF stays below the 17,500-pt resistance level, they will hold on to the negative trading bias.
They advised traders to keep the short positions initiated at 18,126 pts (the close of 30 May).
To manage the trading risks, the stop-loss point is set at 17,500 pts.
The nearest support is marked at 16,500 pts, followed by 16,000 pts.
Conversely, the nearest resistance is still pegged at 17,500 pts, followed by 18,000 pts.
