Following a plunge in the Wall Street, Asian markets fell as investors began to lose hope that governments can rescue the world’s economies. Hang Seng rose moderately to close at 13,016 and turnover rose to HKD 42.8 billion.
The technical outlook of HSI is negative. The index opened 161 points lower at 12,783.79. After touching the intraday low of 12,712.33 points, the index took a reverse course and gained 70.6 points to close above 13,000. It is currently trading below its major SMA. If the index continues to sustain above 13,000, it may test the 13,560 resistance. Alternatively, it may test the 12,500 support.