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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (58467)	1/7/2002 3:29:02 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Monday January 7, 12:07 PM Resistance seen strong at 12,000 mark for Hang Seng sg.news.yahoo.com HONG KONG (Reuters) - After rallying more than 30 percent from its lows last year, Hong Kong's benchmark Hang Seng Index is likely to face stiff technical resistance at the key 12,000 level, analysts say. "The 12,000 level has acted in the past as a major support or resistance level on many occasions dating back to 1993," said John Schofield, technical analyst at Prudential Bache Securities in Hong Kong. The index was up 1.27 percent in late Monday morning trade at 11,850. It is up about 33 percent from its 52-week low reached on September 21, after plunging along with world markets in the aftermath of the September 11 attacks on the United States. The HSI tested the 12,000 level three times in December -- on the sixth, when it touched a high of 11,958, then on the 12th as it peaked at 11,865 and then on the following day, reaching an intraday high of 11,875. "The index will have some difficulty in moving above the 12,000 mark as it is looking a bit overdone at the moment," said Gavin Lim, analyst at research firm 4castweb in Singapore. The 14-day relative strength index chart of the Hang Seng Index shows a value of 68.5, approaching the 70 overbought level. Lim said 12,000 represents the level where strong selling emerged in mid-August in the run-up to the huge losses over the following six weeks.