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Investment: An A-Z Guide by Philip Ryland

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H

Hang Seng Index

The main stockmarket index for Hong Kong. It comprises shares in 42 blue-chip companies and is computed as the ARITHMETIC MEAN of their price changes weighted by their market capitalisations. It was launched in 1969 but has been backdated to July 1964 and a base value of 100. During trading the index’s value is calculated every 15 seconds.

Head and shoulders

Among the patterns that technical analysts search their charts for, head and shoulders patterns are among the best known and, with hindsight, can be applied to some of the great stockmarket crashes of history, from the SOUTH SEA BUBBLE of 1720 to the October crash of 1987. The idea is that following a sustained run-up in the price of a STOCK (or a market) the ...

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