Xiaomi Rallied After Entering the Hang Seng Index
Xiaomi (1810.HK), a mobile phone manufacturer, would join the Hang Seng Index with the weight at 2.59%. In addition, the company would also enter the Hang Seng China Enterprises Index. All changes will take effect on September 7. Today, the stock price opened higher at 5%.
Share this:
Xiaomi (1810.HK), a mobile phone manufacturer, would join the Hang Seng Index with the weight at 2.59%. In addition, the company would also enter the Hang Seng China Enterprises Index. All changes will take effect on September 7. Today, the stock price opened higher at 5%.
CICC estimated that Xiaomi would have HK$3.959 billion and HK$1.95 billion passive inflow for entering the Hang Seng Index and Hang Seng China Enterprises Index.
From a technical point of view, the stock gapped up and broke above the declining trend line, suggesting that the correction from July's high at HK$17.5 has possibly completed. In addition, the stock is also supported by a rising trend line drawn from June.
Bullish readers could set the nearest support level at HK$14.50 (the previous low), while the resistance levels would be located at HK$17.50 and HK$19.76 (127.2% expansion).
Source: GAIN Capital, TradingView
CICC estimated that Xiaomi would have HK$3.959 billion and HK$1.95 billion passive inflow for entering the Hang Seng Index and Hang Seng China Enterprises Index.
From a technical point of view, the stock gapped up and broke above the declining trend line, suggesting that the correction from July's high at HK$17.5 has possibly completed. In addition, the stock is also supported by a rising trend line drawn from June.
Bullish readers could set the nearest support level at HK$14.50 (the previous low), while the resistance levels would be located at HK$17.50 and HK$19.76 (127.2% expansion).
Source: GAIN Capital, TradingView
Xiaomi (1810.HK), a mobile phone manufacturer, would join the Hang Seng Index with the weight at 2.59%. In addition, the company would also enter the Hang Seng China Enterprises Index. All changes will take effect on September 7. Today, the stock price opened higher at 5%.
CICC estimated that Xiaomi would have HK$3.959 billion and HK$1.95 billion passive inflow for entering the Hang Seng Index and Hang Seng China Enterprises Index.
From a technical point of view, the stock gapped up and broke above the declining trend line, suggesting that the correction from July's high at HK$17.5 has possibly completed. In addition, the stock is also supported by a rising trend line drawn from June.
Bullish readers could set the nearest support level at HK$14.50 (the previous low), while the resistance levels would be located at HK$17.50 and HK$19.76 (127.2% expansion).
Source: GAIN Capital, TradingView
CICC estimated that Xiaomi would have HK$3.959 billion and HK$1.95 billion passive inflow for entering the Hang Seng Index and Hang Seng China Enterprises Index.
From a technical point of view, the stock gapped up and broke above the declining trend line, suggesting that the correction from July's high at HK$17.5 has possibly completed. In addition, the stock is also supported by a rising trend line drawn from June.
Bullish readers could set the nearest support level at HK$14.50 (the previous low), while the resistance levels would be located at HK$17.50 and HK$19.76 (127.2% expansion).
Source: GAIN Capital, TradingView
Related tags:
The complete CFD trading experience
Award-winning platforms, competitive spreads, low commissions and dedicated support.
We live and breathe the markets and are dedicated to helping traders realise their ambitions as we continue to set the industry bar.
Economic calendar
Web Trader platform
Our sophisticated web-based platform is packed with features.
Related articles
Nikkei threatens breakout as tech rebound broadens
Breakouts across the SOX and Nasdaq are being matched by rebounds across Asia, with the Nikkei now threatening to join the move.
S&P 500, Nasdaq 100 Forecast for the Week Ahead
A hawkish Fed and 10-Year Notes on the verge of a push above 5%, yet stocks have so far shrugged off that fear. But can it continue?
Hang Seng Tech rout nears make-or-break zone
The technical damage is clear, but with Hang Seng Tech now deeply stretched and approaching major support, the risk-reward is becoming more two-sided.
StoneX Europe Ltd may make third party material available on this website which may contain information included but not limited to the conditions of financial markets. The material is for information purposes only and does not contain, and should not be construed as containing, investment advice and/or investment recommendation and/or an investment research and/or an offer of or solicitation for any transactions in financial instruments; any decision to enter into a specific transaction shall be made by the client following an assessment by him/her of their situation.
StoneX Europe Ltd makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. We are not under any obligation to update any such material. Any opinion made may be personal to the author and may not reflect the opinion of StoneX Europe Ltd.