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HK50: open high and go low

2023-05-14
883
Brief analysis of fundamentals:

Hong Kong's Hang Seng Index closed down 116.55 points, or 0.59%, at 19627.24 points on May 12 (Friday). It narrowed to 0.29%, after rising as much as 1.8% in early trade. The collective downturn of the strong large financial stocks and medium and special valuation concept stocks in the early stage dragged down the market. Hong Kong's first-quarter GDP quarterly rate was 5.3%, expected 5.30%, the previous value was 5.30%, and the annual rate was 2.7%, expected 2.70%, and the previous value was 2.70%. The net inflow of southbound funds was 876 million Hong Kong dollars throughout the day, and the market turnover was 102.7 billion Hong Kong dollars.

HSI HK50 4-hour chart



Brief technical analysis:

Looking at the 4-hour chart: the market is shrouded in bearish sentiment, and after a short-term high opening, it continues to move downward. The overall short position in the market continues to move downward.

Resistance level: 19796 19927

Support: 19463 19353

Trading strategy: bearish below 19658, target 19463 19353
Alternative strategy: call above 19658, target 19796 19927

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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