HK50: Endless short fall

Basic analysis:

Hong Kong Hang Seng Index closed down 85.01 points, or 0.49%, at 17165.87 on September 29 (Thursday); Affected by the overnight rebound in US stocks, Hong Kong stocks opened higher in the morning, and the three major indexes opened higher and fell lower in the afternoon. The Hang Seng Science and Technology Index fell 0.49%, the National Index fell 0.78%, and the Hang Seng Science and Technology Index fell 1.24%, all of which broke new lows. Most of the heavyweight science and technology stocks fell, while Xiaomi fell nearly 5%. Recently, the active catering stocks, tourism and tourism stocks fell significantly.

Hang Seng Index HK50 4 Hour Chart

Technical analysis:

The 4-hour chart shows that the bearish momentum continues to decline, and there is no sign of stopping in the short term. The market bearish sentiment continues to be shrouded. The MACD index is at the low level of the bearish region, and the RSI index is at the low level of the bearish region;

Empty turning point: 17207

Pressing position: 17406, 17588

Support position: 16918, 16728

Trading strategy: 17207 lower bearish, target 16918, 16728

Alternative strategy: 17207 upside bullish, target 17406, 17588