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HK50: Shock and rise

2023-05-09
883
Brief analysis of fundamentals:

Hong Kong's Hang Seng Index closed up 247.72 points, or 1.24%, at 20,297.03 points on May 8 (Monday). Led by the "China Special Evaluation" market, the main indexes of Hong Kong stocks increased in the afternoon, and the Hang Seng Index rose 1.24% and rose nearly 250 points, the State Index rose 1.47%, and the Hang Seng Technology Index rose 0.48%, which had turned down during the session. Big financial stocks and stocks with a Chinese prefix rose very eye-catchingly. All three barrels of oil with a heavy weight of the Chinese prefix rose sharply, and CNOOC hit a record high.

HSI HK50 4-hour chart



Brief technical analysis:

Looking at the 4-hour chart: The bullish momentum remains volatile and rising, the short-term bullish sentiment continues, the market bullish potential emerges, the MACD indicator is in the short area and moves up to hover around the 0 axis, and the RSI indicator is in a weak order on the side of the 50 balance line;

Resistance level: 20370 20496

Support level: 20084 19973

Trading strategy: Bullish above 20202, target 20370 20496
Alternative strategy: bearish below 20202, target 20084 19973

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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