CM Trade

Download APP to receive bonus

GET

HK50: high volatility

2023-01-26
953
Brief analysis of fundamentals:

Hong Kong’s Hang Seng Index closed up 393.67 points, or 1.82%, at 22044.65 points on January 20 (Friday). On the last trading day of the Year of the Tiger, Hong Kong stocks opened higher and moved higher. It hit 22,000 points, a new high on July 5, 2022; the Hang Seng Technology Index rose 2.67%, and the State Index rose 2.34%, setting a new high in mid-July last year. Market turnover was HK$95.1 billion. Large-scale technology stocks collectively rose, with Baidu and Meituan up about 5%, Alibaba up nearly 4%, JD.com up 3%, and Tencent and NetEase up 2%. The number of people and reservations in hotels, restaurants, and scenic spots has rebounded during the Spring Festival. The Social Welfare Department (SWD) of the Hong Kong Special Administrative Region Government announced today that starting from February 1 this year, it will increase the amount of comprehensive social security assistance standard items and public welfare funds. Old-age allowance and living allowance for the elderly under the plan (including old-age allowance and living allowance for the elderly under the "Guangdong Plan" and "Fujian Plan") and the amount of disability allowance.

HSI HK50 4-hour chart



Brief technical analysis:

Looking at the 4-hour chart: the overall bullish trend in the market has weakened, but it is still in a high and narrow range, the bullish momentum is slowly finishing in the range, the MACD indicator is in the bullish zone, and the RSI indicator is hovering in the bullish zone and moving up;

Long-short turning point: 21876

Suppression: 22194, 22432
Support: 21599, 21369

Trading strategy: Bullish above 21876, target 22194, 22432
Alternative strategy: bearish below 21876, target 21599, 21369

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.

Free Access
Daily Trading Strategy
Download Now

CM Trade Mobile Application

Economics Calendar

More