CM Trade

Download APP to receive bonus

GET

Hang Seng Index: Retreat from highs

2023-08-31
547
Fundamental analysis:


On Wednesday (August 30), Hong Kong stocks opened higher and moved lower. The three major indexes all turned lower in late trading, and the Hang Seng Index basically closed flat. Looking forward to the market outlook, the Hong Kong stock market is less liquid than the markets in mainland China and the United States. If reforms are deepened, the liquidity of the Hong Kong stock market is expected to continue to improve.

HK50 four-hour chart



Brief technical analysis:

Looking at the 4-hour chart, the Hang Seng Index once again opened higher and then moved lower. It was obviously blocked at the 18,700 line. The MACD volume can be reduced above the zero axis. The support is focused on the vicinity of 18,200-17,900, and the resistance is focused on the 18,700 line.

Resistance level: 18700 19000
Support level: 18200 17900

Trading strategy: bearish below 18700, target 18200 17900
Alternative strategy: call above 18700, target 19000 19300

The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.

Free Access
Daily Trading Strategy
Download Now

CM Trade Mobile Application

Economics Calendar

More