HK50: low down

Hong Kong’s Hang Seng Index closed down 315.32 points, or 1.62%, at 19115.93 points on May 24 (Wednesday). The Technology Index and the State Index fell 1.99% and 1.9% respectively. The sluggish performance of large-scale technology stocks throughout the day dragged down the market. The renminbi was weak, and large Chinese financial stocks were generally weak. Macau’s epidemic resurged, gambling stocks fell, and the net outflow of southbound funds was 1.764 billion Hong Kong dollars throughout the day.

HSI HK50 4-hour chart

Looking at the 4-hour chart: the short-term momentum continues to fall at a low level, the short-term decline has not stopped, the market is shrouded in bearish sentiment, the MACD indicator is in the bearish area and slowly moving down, and the RSI indicator is in the bearish area and is finishing down;

Resistance level: 19223 19326

Support level: 18976 18898

Trading strategy: bearish below 19120, target 18976 18898

Alternative strategy: call above 19120, target 19223 19326