HK50: Low level interval oscillation

Basic analysis:

Hong Kong Hang Seng Index closed down 403.3 points, or 2.38%, at 16511.28 on October 19 (Wednesday); The three major indexes of Hong Kong stocks fell unilaterally all day, and the market sentiment that rebounded and rose yesterday fell into a downturn again. The Hang Seng Technology Index fell 4.19%, falling below the 3200 mark. The overall decline of large technology stocks dragged down the market. Alibaba fell by more than 5%, while Tencent and Baidu fell. Chief Executive Li Jiachao of Hong Kong SAR admitted that about 140000 local workers had lost their jobs. Relax the "arrangements for non local graduates to stay/return to Hong Kong for employment", and extend the duration of their stay from one year to two years, so as to facilitate their stay/work in Hong Kong. Nanxia Capital net bought HK $4.54 billion of Hong Kong shares throughout the day, having previously bought more than HK $5 billion in a single day for four consecutive days.

Hang Seng Index HK50 4 Hour Chart

Technical analysis:

The 4-hour chart shows that the market is tangled and the low price range is narrow. Although the short-term short position momentum has weakened, it is still in the low position weakness. The MACD indicator is in the short position area and maintains consolidation, while the RSI indicator is in the weak position below the 50 equilibrium line;

Empty turning point: 16664

Pressing: 16909, 17134

Support: 16302, 16063

Trading strategy: 16664 lower bearish, target 16302, 16063

Alternative strategy: 16664 upside bullish, target 16909, 17134