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HK50: move up the high position

Brief analysis of fundamentals:
Hong Kong's Hang Seng Index closed up 647.82 points, or 3.22%, at 20,793.11 points on January 4 (Wednesday); Hong Kong stocks strengthened significantly on the second trading day of 2023, and the three major indexes all opened higher and moved higher, with the Hang Seng Index up 3.22 % rose by 647 points, the State Index rose by 3.39%, and the Hang Seng Technology Index rose by 4.58%, all of which set new highs in the stage. Large-scale technology stocks rose across the board and led the market to be popular. Alibaba rose by about 9%, Baidu rose by more than 8%, the net inflow of southbound funds was 7.117 billion Hong Kong dollars, and the market turnover was 149.6 billion Hong Kong dollars.

HSI HK50 4-hour chart

Brief technical analysis:
Looking at the 4-hour chart: the momentum of the high-level bulls continues to rise, the short-term bullish sentiment is shrouded, the bulls continue to climb, the MACD indicator is in the bullish zone and the RSI indicator is in the bullish zone and is oscillating upward;
Long-short turning point: 20773
Suppression: 21169, 21388
Support: 20560, 20341
Trading strategy: Bullish above 20773, target 21169, 21388
Alternative strategy: bearish below 20773, target 20560, 20341

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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