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HK50: low move up

2023-05-23
890
Brief analysis of fundamentals:

Hong Kong's Hang Seng Index closed up 227.6 points, or 1.17%, at 19678.17 points on May 22 (Monday). Hong Kong stocks remained high and volatile throughout the day. The index and the country index rose 1.17% and 1.51% respectively. Popular industry sectors were active, and technology stocks, power stocks, and auto stocks performed particularly well. Large-scale technology stocks Kuaishou jumped ahead of the results, rising by about 7%. Baidu and Meituan rose by more than 3%. The net inflow of southbound funds was 303 million Hong Kong dollars throughout the day, and the market turnover was 93.9 billion Hong Kong dollars.

HSI HK50 4-hour chart



Brief technical analysis:

Looking at the 4-hour chart: the short-term bullish momentum has moved up in the short term, the market is bullish, and there is a trend of continuing to move upward in the short term. The MACD indicator is weakly finishing below the 0 axis, and the RSI indicator is hovering weakly near the 50 balance line;

Resistance level: 19786 19902

Support level: 19510 19401

Trading strategy: Bullish above 19620, target 19786 19902
Alternative strategy: bearish below 19620, target 19510 19401

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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