HK50: open high and go low

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

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