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HK50: Move down the high position

Basic analysis:

The three major indexes of Hong Kong stocks rose in the afternoon and fell again in the afternoon. The Hang Seng Science and Technology Index finally closed down 3.23%, fell 4% in the afternoon, and the Hang Seng Index and the National Index fell 1.31% and 1.68% respectively. The daily net outflow of Nanxia capital was HKD2.954 billion, and the market turnover was HKD127.1 billion. The performance of large technology stocks was weak, with Meituan down more than 8%, Kwai down more than 6%, and JD, Alibaba and Tencent all fell; The market was worried about the epidemic situation, and consumer stocks such as catering and beer fell collectively.

Hang Seng Index HK50 4 Hour Chart

Technical analysis:

The 4-hour chart shows that the momentum of high short positions remains volatile and moves downward, and the short-term decline may continue. The overall short positions in the market move downward well. The MACD indicator is in the long position and moves downward to hover near the 0 axis, while the RSI indicator is in the weak position and moves downward near the 50 equilibrium line;

Empty turning point: 17570

Pressing: 17816, 18063

Support: 17220, 16958

Trading strategy: bearish under 17570, target 17220, 16958

Alternative strategy: bullish above 17570, target 17816, 18063

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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