RHB Investment Bank Bhd (RHB Research) advises traders to maintain short positions on the Hang Seng Index Futures (HSIF) as bearish technical signals persist. Despite a 107-point rise to close at 20,611 points on Friday, the HSIF remains below the critical 20-day simple moving average (SMA) line, suggesting that bearish sentiment still dominates.

The index fluctuated between highs of 20,787 and lows of 20,283 during the day but lost some gains in the evening session, last trading at 20,522 points. A pattern of "lower highs" on the relative strength index (RSI) suggests diminishing bullish momentum, indicating that the HSIF is likely to see sideways consolidation in upcoming sessions.

If the HSIF drops below the 20,000-point support level, a further retracement to 19,000 points is anticipated. RHB Research recommends holding short positions initiated at the close of 9 October (20,628 points), with a stop-loss set at 22,000 points to manage risk.

Key support levels are at 20,000 and 19,000 points, while resistance is seen at 21,250 and 22,000 points.