HK50: low down

Hong Kong's Hang Seng Index closed down 517.88 points, or 2.65%, at 19,000.71 points on March 20 (Monday). Credit Suisse was forced to "sell at a low price", and market worries spread. Hong Kong stocks continued to decline throughout the day, almost all industry sectors fell, and market confidence was very low. The Hang Seng Technology Index once fell 4% in the afternoon, and finally fell 2.75%. The Hang Seng Index and the State Index fell 2.65% and 2.21% respectively. The collective decline of technology stocks and large financial stocks dragged down the market. Hong Kong's local banking stocks led the decline. HSBC and Standard Chartered fell the most. Heavy technology stocks such as Xiaomi, Alibaba, and JD. The market turnover was HK$129.4 billion.

HSI HK50 4-hour chart

Looking at the 4-hour chart: the market’s short-term sentiment continues to fluctuate downwards at a low level, the short-term decline has not stopped, the market’s short-term sentiment is shrouded, the MACD indicator is in the short-term low-level consolidation, and the RSI indicator is hovering weakly below the 50 balance line;

Resistance level: 19222 19427

Support level: 18744 18592

Trading strategy: bearish below 19017, target 18744 18592

Alternative strategy: call above 19017, target 19222 19427