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HK50: hovering at a high level

2023-01-16
537
Brief analysis of fundamentals:
Hong Kong’s Hang Seng Index closed up 224.56 points, or 1.04%, at 21,738.66 points on January 13 (Friday). The three major Hong Kong stock indexes continued to rise in the afternoon. The State Index and the Hang Seng Technology Index rose 1.09% and 1.51% respectively. Large-scale technology stocks with divergent trends in early trading rose across the board. NetEase rose by nearly 5%, Tencent rose by 2%, Alibaba, Xiaomi, and Kuaishou all rose by more than 1%. The net inflow of southbound funds was slightly 4.048 billion Hong Kong dollars, and the market turnover was 1330 billion Hong Kong dollars.

HSI HK50 4-hour chart



Brief technical analysis:

The 4-hour chart: the high short-term narrow-range order is slowly rising, the market is still bullish, and there are signs of continued upward movement in the short term. The MACD index is hovering at a high level in the bullish area, and the RSI index is in a high order in the bullish area;
Long-short turning point: 21619

Suppression: 22091, 22395
Support: 21311, 21047

Trading strategy: Bullish above 21619, target 22091, 22395
Alternative strategy: bearish below 21619, target 21311, 21047

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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