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HK50: high retracement

Brief analysis of fundamentals:

Hong Kong’s Hang Seng Index closed up 7.12 points, or 0.04%, at 19978.25 points on May 16 (Tuesday). Affected by the rise in U.S. stocks overnight, the three major Hong Kong stock indexes opened higher by more than 1% in early trading, but failed to continue their strong rise. The Hang Seng Index basically closed at 20,000 points and lost again. The Hang Seng Technology Index rose 0.83% and performed better. Large-scale technology stocks have generally risen. Recently, patients infected with the new crown virus have appeared in many places. Significantly expanded to 50. The net inflow of southbound funds was 2.582 billion Hong Kong dollars throughout the day, and the market turnover shrank to 78.3 billion Hong Kong dollars.

HSI HK50 4-hour chart

Brief technical analysis:

The 4-hour chart: After the bullish momentum pulled up strongly, it opened high and went low, and the market’s bearish sentiment began to emerge, but the upward momentum remained. In the short term, it may maintain a wide range of shocks. The MACD indicator hovers below the 0 axis, and the RSI indicator is at 50 balance Weak finishing near the line;

Resistance level: 20074 20205

Support level: 19745 19617

Trading strategy: Bullish above 19869, target 20074 20205
Alternative strategy: bearish below 19869, target 19745 19617

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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