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HK50: Continues to decline

Brief analysis of fundamentals:

Hong Kong's Hang Seng Index closed down 246.92 points, or 1.25%, at 19,431.25 points on May 23 (Tuesday). The Hang Seng Index finally fell by 1.25%, while the State Index and the Hang Seng Technology Index fell by 1.35% and 1.31% respectively. The technology stocks that led the market yesterday generally fell, and popular stocks such as major financial stocks (banks, insurance, securities companies) fell one after another. The net inflow of southbound funds was 5.875 billion Hong Kong dollars throughout the day, and the market turnover was 86.3 billion Hong Kong dollars.

HSI HK50 4-hour chart

Brief technical analysis:

Looking at the 4-hour chart: the market is shrouded in bearish sentiment, and it will continue to move downward in the short term. The MACD indicator is in the bearish area and remains in order, and the RSI indicator is hovering weakly below the 50 balance line;

Resistance level: 19556 19665

Support level: 19273 19170

Trading strategy: bearish below 19443, target 19273 19170
Alternative strategy: call above 19443, target 19556 19665

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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