HK50: Long rise

Basic analysis:

Hong Kong Hang Seng Index closed up 434.77 points, or 2.69%, at 16595.91 on November 7 (Monday); Hong Kong stocks continued the strong rebound last week. The Hang Seng Science and Technology Index took the lead. At one point in the session, it rose nearly 6%, closing 4.06% higher. The Hang Seng Index and the National Index rose 2.69% and 2.8% respectively, all of which hit new highs in the recent rebound. Large technology stocks still led the market higher, Tencent and Meituan were popular, and Alibaba fell slightly; The policy was favorable and software stocks rose sharply. According to the data released on Friday, the Central Plains City Leading Index, which measures the price of Hong Kong's Zhongguoya, fell 2% month on month from October 24 to 30, the largest decline since March 2016 and the lowest level since December 2017.

Hang Seng Index HK50 4 Hour Chart

Technical analysis:

The 4-hour chart shows that the power of low bulls has risen strongly, short-term bullish sentiment has emerged, and the market bulls have continued to climb. The MACD index is in the short position area and continues to move up and hover around the 0 axis, and the RSI index is in the 50 balanced line side;

Empty turning point: 16463

Pressing: 16898, 17199

Support: 16204, 15920

Trading strategy: bullish above 16463, target 16898, 17199

Alternative strategy: 16463 bearish, target 16204, 15920