RHB Investment Bank Bhd (RHB Research) maintains its negative trading bias on the Hang Seng Index Futures (HSIF), despite the index gaining 432 points to close at 19,597 points on Wednesday.
The HSIF began trading at 19,167 points and hit an intraday high of 19,694 points before settling at 19,597 points. Evening trading added a further 21 points, with the index last seen at 19,618 points. The recent upward movement has established a strong support level at 19,000 points, with consolidation above this level likely in the near term.
RHB Research notes that while the bulls may aim to test the 20,000-point resistance, significant resistance remains at 21,250 points. The research house advises traders to retain short positions initiated on Oct 9 at 20,628 points, with a stop-loss set at 21,250 points.
Key support levels are at 19,000 points and 18,000 points, while resistance is marked at 20,000 points and 21,250 points.
