The HSIF continued its upside movement, climbing 184 pts to close at 17,608 pts – breaking past the 17,500-pt immediate resistance level.

RHB Retail Research (RHB) in a note today (Aug 20) said the index opened at 17,426 pts.

It touched the 17,354-pt intraday low before rising to the day's high of 17,718 pts.

It then closed at 17,608 pts, confirming that the bulls are in control.

In the evening session, it added 133 pts and was last traded at 17,741 pts.

The latest price action saw the index trading above the 20-day SMA line, suggesting that the bulls have the upper hand.

The upward-trending RSI remains above the 50% level, indicating that bullish momentum should follow through in the next session.

As the stop-loss point was breached, they shifted to a positive trading bias.

They closed out the short positions initiated at 18,126 pts (30 May's close) after the stop-loss (17,500 pts) was triggered.

They initiated long positions at 19 Aug's close (17,608 pts).

To mitigate trading risks, the stop-loss is set at 17,000 pts.

The immediate resistance is revised to 18,000 pts, followed by 18,500 pts.

On the downside, the immediate support is revised to the aforementioned 17,000 pts, followed by 16,500 pts.