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Hang Seng Index Rebounds, Silver Consolidates. Crude Oil May Fall



  • Hang Seng Index edged larger to 24,800 in mid-day trading, 25,000 stays key resistance
  • Silver costs entered consolidation after seeing a 15% intra-day swing on Tuesday
  • WTI crude oil costs face a key resistance at US$ 42.0

Hang Seng Index Outlook:

The Hang Seng Index (HSI) opened decrease and subsequently erased earlier losses and moved 0.2% larger throughout mid-day trading, lifted by favorable sentiment within the mainland markets. The property sector was outperforming the benchmark index, with CK Asset Holdings (+2.28%), Hyperlink REIT (+2.23%) and Hang Lung Properties (+2.24%) main the positive factors in HSI.

The Shanghai Composite surged 1.17% earlier than the lunch break to three,265 – a 3 day excessive. Sector-wise, the Shanghai inventory market was led by biopharmaceutical (+7.25%), house electrics (+4.84%), chemical compounds (+3.5%) and securities (+3.32%) sectors. Client names appears to have achieved the heavy-lifting in mainland inventory markets this week.

Earnings reporting has kicked off on Hong Kong this week, with the height of earnings season coming in August. As Hong Kong’s GDP entered in to sharp contraction this 12 months as a consequence of Covid-19 headwinds, many native corporations are more likely to undergo from a plunge in journey, tourism enterprise and a broad slowdown in financial actions. These embrace Sands China, Cathay Pacific, HSBC and a few business actual property funding trusts (REITs).

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Supply: Bloomberg, Dailyfx

Technically, the HSI remains to be in a consolidation section, with its 50-Day Easy Shifting Common (SMA) line turning into its instant resistance. The 50-Day SMA is now at 24,938. The HSI has examined a help at 24,500 and tried to consolidate above this degree.

Hang Seng IndexEvery day Chart

Hang Seng Index Rebounds, Silver Consolidates. Crude Oil May Fall

Silver Worth Outlook:

Silver costs had been severely overbought on Monday and Tuesday earlier than dramatically coming into right into a correction. The 15% intra-day swing noticed yesterday might have compelled out plenty of speculative positions, as leveraged positions may hardly face up to such a giant transfer. Within the mid- to long-term view, nevertheless, treasured steel costs should still have room to climb towards the backdrop of ultra-low rate of interest and accommodative financial coverage glboally. Rising geopolitical tensions and Covid-19 uncertainties may additionally drive up demand for security.

Technically, silver was severely overbought as prompt by the RSI indicator. A pullback appears to be underway. US$ 26.Zero is a key resistance degree – the 38.2% Fibonacci retracement. Speedy help might be discovered at

US$ 22.7.

Silver WorthEvery day Chart

Hang Seng Index Rebounds, Silver Consolidates. Crude Oil May Fall

Crude Oil Outlook:

The WTI crude oil costs are going through robust resistance at round US$ 42.0, which is the higher certain of a significant ‘hole down’ seen in early March. WTI stays in an upward development, however its bullish momentum appears to have diminished these weeks. A pullback may deliver it to US$ 39.5 – the 50-Day SMA.

Crude OilEvery day Chart

Hang Seng Index Rebounds, Silver Consolidates. Crude Oil May Fall

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