HK50: Low level oscillation downward

Basic analysis:

Hong Kong Hang Seng Index closed down 311.92 points, or 1.87%, at 16389.11 on October 13 (Thursday); Hong Kong stocks fell sharply again, with the national index falling 2.31% and the Hang Seng Science and Technology Index falling 3.42%. All three recorded six consecutive falls and renewed their adjusted low prices. Large technology stocks, as market indicators, continued to be depressed. JD, Fasthand, Baidu and NetEase all fell by more than 4%. The Hong Kong government considered that it was possible to relax the 15% tax rate on non residents' property purchases. Hong Kong local property stocks rose significantly in the afternoon. Today, the net inflow of funds from Nanxia was HK $5.696 billion against the trend, and the turnover in the market was HK $84.9 billion.

Hang Seng Index HK50 4 Hour Chart

Technical analysis:

The 4-hour chart shows that the momentum of short positions continues to move downward, and the short-term decline has not stopped. The market is shrouded in short positions. The MACD index stays in the short positions area and keeps moving downward, while the RSI index stays in the weak positions in the short positions area below the 50 equilibrium line;

Empty turning point: 16528

Pressing: 16767, 17019

Support: 16173, 15961

Trading strategy: 16528 lower bearish, target 16173, 15961

Alternative strategy: 16528 upper bullish, target 16767, 17019