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HK50: bearish downward

Basic analysis:

Hong Kong Hang Seng Index closed up 99.4 points, or 0.57%, at 17523.81 on November 23 (Wednesday); The three major indexes of Hong Kong stocks rose across the board. With the help of science and technology stocks, the Hang Seng Science and Technology Index rose better, and finally ended up 1.13%. The Hang Seng Index and the National Index rose 0.57% and 0.74% respectively. The net inflow of Nanxia's capital throughout the day was HKD 1.803 billion, and the turnover in the big market was less than HKD 100 billion. COVID-19's related products are highly competitive. Biopharmaceutical stocks that have risen sharply in the past are all down, while consumer stocks such as catering, beer and sporting goods continue to weaken.

Hang Seng Index HK50 4 Hour Chart

Technical analysis:

The 4-hour chart shows that the downward trend of high short positions continues, and the short positions continue to move downward in the short term. The short positions in the market are in a good situation. The MACD index hovers in a weak position near the 0 axis, and the RSI index is in a narrow range under the 50 equilibrium line;

Empty turning point: 17570

Pressing: 17816, 18063

Support: 17220, 16958

Trading strategy: bearish under 17570, target 17220, 16958

Alternative strategy: bullish above 17570, target 17816, 18063

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.

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