Hong Kong Chartist Seeing Unlucky Number Eight
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In charting the meteoric rise of Hong Kong stocks, Thomas Schroeder says there’s nothing lucky about a number starting with eight.
The relative strength index for the Hang Seng China Enterprises Index rose to 83.5 on Thursday, the highest since October 2010, according to data compiled by Bloomberg. Some traders consider readings above 70 as a sign to sell. The equity measure of Chinese firms trading in the former British colony surged 16 percent through yesterday since regulators eased access to the shares for mainland funds on March 27.