RHB Investment Bank Bhd advises maintaining a short position on the Hang Seng Index Futures (HSIF) as it fell 247 points on Tuesday to close at 19,490.

The index started the session at 19,739, briefly climbing to a high of 20,179 before retreating to an intraday low of 19,270. It closed at 19,490 and lost an additional 43 points in the evening, settling at 19,447.

The formation of a long upper shadow during the session indicates strong selling pressure, with the 20-day and 50-day SMA lines serving as key resistance levels. The downward-pointing RSI further confirms growing bearish momentum.

Based on these signals, the HSIF is expected to retreat toward the immediate support at 19,000 points, with the next support at 18,000 points. Traders are advised to maintain the short position initiated at the 9 Oct 2024 close of 20,628 points, with a stop-loss set at 21,250 points.

Key Levels:

Immediate Support: 19,000 points

Next Support: 18,000 points

Nearest Resistance: 20,500 points

Stop-Loss: 21,250 points

The bearish momentum suggests further downside potential, and traders should remain cautious of any significant market movements.