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HK50: move down in low position

2023-05-21
771
Brief analysis of fundamentals:

Hong Kong’s Hang Seng Index closed down 276.68 points, or 1.4%, at 19450.57 points on May 19 (Friday). %, the Hang Seng Index and the State Index fell 1.4% and 1.81% respectively, and the Hang Seng Index fell 276 points. , Affected by the decline in U.S. stocks and Chinese concept stocks, Hong Kong technology stocks fell across the board. Alibaba fell 6% after the results, Kuaishou, Baidu, and JD.com fell more than 4%. The Hong Kong SAR government gazetted the latest government accounts. With the approval of the Chief Executive, Chairman Chen Maobo allocated an additional HK$5 billion in special funds for national security expenses. The net inflow of southbound funds was 1.074 billion Hong Kong dollars throughout the day, and the market turnover was 95.2 billion Hong Kong dollars.

HSI HK50 4-hour chart



Brief technical analysis:

Looking at the 4-hour chart: the market is shrouded in short-term sentiment, and it will continue to move downward in the short term. The overall market is in a state of continuous downward movement of short positions. The MACD indicator is weakly finishing below the 0 axis, and the RSI indicator is hovering weakly below the 50 balance line;

Resistance level: 19563 19673

Support level: 19270 19157

Trading strategy: bearish below 19450, target 19270 19157
Alternative strategy: call above 19450, target 19563 19673

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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