HSIF Surges Past 23,000 Mark, Bulls Eye 24,500 Level Amid Strong Momentum

Business Today · Oct 7 19:51

RHB Investment Bank Bhd (RHB Research) has advised traders to maintain long positions on the Hang Seng Index Futures (HSIF), following a strong bullish breakout on Monday. The index closed 320 points higher at 23,194 points after testing an intraday high of 23,333 points. Although it briefly dipped to a low of 22,506 points, the bullish momentum pushed it past the crucial 23,000-point resistance, signalling further upside potential.

According to RHB Research, the next target for the HSIF is the 24,500-point resistance level, with the potential for further gains up to 26,000 points. Despite the bullish trend, the firm warns of possible profit-taking, which could see the index pull back towards its nearest support at 21,500 points. The stop-loss threshold remains at 20,700 points to manage trading risks.

As the index continues to show no signs of weakness, traders are advised to retain long positions initiated on 19 September, when the index stood at 18,059 points. RHB Research's outlook remains positive as the bulls continue to hold control.

Key Levels:

Resistance: 24,500 pts (first), 26,000 pts (second).
Support: 21,500 pts (first), 20,700 pts (second).

The outlook highlights the HSIF's strong upward momentum, with traders expected to capitalise on this bullish trend.

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more

HSIF Surges Past 23,000 Mark, Bulls Eye 24,500 Level Amid Strong Momentum

Risk Disclaimer