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HK50: Bears tumble sharply

2023-05-10
903
Brief analysis of fundamentals:

Hong Kong’s Hang Seng Index closed down 429.45 points, or 2.12%, at 19867.58 points on May 9 (Tuesday). The three major Hong Kong stock indexes fell sharply in the afternoon. The Hang Seng Index fell 2.12% and fell below the 20,000-point mark again, the State Index fell 2.36%, and the Hang Seng Technology Index fell 2.95%. Large technology stocks fell significantly, Baidu fell 4.46%, Tencent and Kuaishou fell more than 3%. The net inflow of southbound funds was 2.756 billion Hong Kong dollars throughout the day, and the market turnover was 122.1 billion Hong Kong dollars.

HSI HK50 4-hour chart



Brief technical analysis:

Looking at the 4-hour chart: the market bearish sentiment emerges, the short-term rapid decline, the overall decline shows no signs of stopping, the MACD indicator is weak and hovering around the 0 axis, and the RSI indicator is weakly finishing near the 50 balance line;

Resistance level: 19981 20110

Support level: 19660 19549

Trading strategy: bearish below 19839, target 19660 19549
Alternative strategy: call above 19839, target 19981 20110

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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