HK50: low recovery

Hong Kong's Hang Seng Index closed up 376.05 points, or 1.95%, at 19695.97 points on March 13 (Monday). The impact of the Silicon Valley Bank incident weakened. Premier Li Qiang's speech boosted market confidence, and the RMB once soared by more than 500 points. The global risk market ushered in a big rebound. The Hang Seng Technology Index of Hong Kong stocks rose by 4.6% at one point, and finally closed up by 2.89%. The Hang Seng Index and the National Index rose by 1.95% and 2.24% respectively. The net inflow of southbound funds was 2.557 billion Hong Kong dollars, and the market turnover was 145.1 billion Hong Kong dollars.

HSI HK50 4-hour chart

Looking at the 4-hour chart: low-level bulls are waiting for an opportunity to enter the market in the short-term, the short-term downward momentum has weakened, the market’s bullish sentiment has begun to reverse and rise, the MACD indicator is in the bearish area and hovers weakly, and the RSI indicator is in a weak consolidation below the 50 balance line;

Resistance level: 19772 19950

Support level: 19313 19116

Trading strategy: Bullish above 19522, target 19772 19950

Alternative strategy: bearish below 19522, target 19313 19116