HK50: Bears tumble sharply

Hong Kong’s Hang Seng Index closed down 483.23 points, or 2.35%, at 20,051.25 points on March 8 (Wednesday). Financial risk assets were under pressure as the Fed’s interest rate hike expectations rose sharply. Hong Kong stocks continued to fall sharply throughout the day. The Hang Seng Technology Index fell 3.23%, the Hang Seng Index and the Hang Seng Index fell 2.35% and 2.68% respectively. On the disk, large-scale technology stocks fell collectively, with a large net inflow of southbound funds of 8.795 billion Hong Kong dollars, and a market turnover of 117.4 billion Hong Kong dollars.

HSI HK50 4-hour chart

Looking at the 4-hour chart: the market is shrouded in bearish sentiment, the short-term decline may continue, the market as a whole is in a weak downward trend, the MACD indicator is in a weak position in the bearish area, and the RSI indicator is in a weak order below the 50 balance line;

Resistance level: 20248 20413

Support level: 19875 19731

Trading strategy: bearish below 20088, target 19875 19731

Alternative strategy: call above 20088, target 20248 20413