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HK50: Gap and go low
2023-05-04
826
Brief analysis of fundamentals:
Hong Kong's Hang Seng Index closed down 234.65 points, or 1.18%, at 19699.16 points on May 3 (Wednesday). It closed down 1.18%, the Hang Seng Technology Index closed down 1.63%, and the State Enterprise Index closed down 1.36%. Gold stocks rose against the market driven by risk aversion. Zhaojin Mining rose more than 4%, China Gold International rose more than 2%, and Zijin Mining and Shandong Gold followed suit.
HSI HK50 4-hour chart
Brief technical analysis:
Looking at the 4-hour chart: the market is shrouded in bearish sentiment, gapping and moving low, the market continues to move downward, the MACD indicator is weakly finishing below the 0 axis, and the RSI indicator is hovering weakly below the 50 balance line;
Resistance level: 19811 19948
Support: 19479 19361
Trading strategy: bearish below 19662, target 19479 19361
Alternative strategy: call above 19962, target 19811 19948
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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