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HK50: Bulls rise strongly

2022-11-07
537
Basic analysis:

Hong Kong stocks, which had fallen continuously recently, finally saw a violent rebound, and the market was in a high mood. The Hang Seng Science and Technology Index rose to 11% at one time, but after a slight fall in the afternoon, it still closed up 7.54% sharply, reaching 3200 points again. The Hang Seng Science and Technology Index rose 5.36%, rose more than 800 points, and recovered 16000 points. The Hang Seng Index rose 8.73% this week, the biggest weekly increase since the end of October 2011; The Hang Seng Technology Index rose 15.63% this week, the largest weekly increase since records began. The turnover of Hong Kong shares was HK $188.645 billion (the turnover of the previous trading day was HK $98.653.4 billion), the largest single day turnover since June.


Hang Seng Index HK50 4 Hour Chart




Technical analysis:


The 4-hour chart shows that the driving force of low bulls has risen strongly, short-term bullish sentiment has emerged, and the market bulls have kept rising. The MACD index is in the short region, and the low level shocks and moves up, while the RSI index is hovering at the upper side of the 50 equilibrium line;


Empty turning point: 16003


Pressing: 16497, 16798


Support: 15710, 15384


Trading strategy: bullish above 16003, target 16497, 16798


Alternative strategy: 16003 bearish, target 15710, 15384

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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