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HK50: low down

Brief analysis of fundamentals:

Hong Kong's Hang Seng Index closed down 605.82 points, or 3.04%, at 19319.92 points on March 10 (Friday). The sharp drop in U.S. bank stocks overnight led to a sharp drop in U.S. stocks, and market panic spread rapidly. The decline in Hong Kong stocks expanded in late trading. The Hang Seng Technology Index fell 3.78%, the Hang Seng Index and the State Index fell 3.04% and 3.06% respectively, and the Hang Seng Index fell 600 points. The decline of the three major indexes accelerated this week, and the Hang Seng Index fell 6% and fell below the 20,000-point mark. Large-scale technology and the same setbacks put pressure on the market. fell by more than 11% after its results, Baidu and Kuaishou fell by more than 5%, Alibaba, Tencent, Meituan, etc. all fell; almost all industry sectors fell, and the industry's "involution" intensified. The net inflow of southbound funds was 3.436 billion Hong Kong dollars, and the turnover of the market enlarged to 166.4 billion Hong Kong dollars.

HSI HK50 4-hour chart

Brief technical analysis:

Looking at the 4-hour chart: The short-term momentum continues to fall at a low level, and the short-term decline has not stopped. The overall market is in a downward trend and the situation is good. The MACD indicator is in the bearish area and moves down weakly, and the RSI indicator is weakly hovering below the 50 balance line;

Resistance level: 19565 19748

Support level: 19116 18947

Trading strategy: bearish below 19381, target 19116 18947
Alternative strategy: call above 19381, target 19565 19748

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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