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HK50: Shock down

Brief analysis of fundamentals:

Hong Kong's Hang Seng Index closed down 18.41 points, or 0.09%, at 19,743.79 points on May 11 (Thursday); Hong Kong stocks rose in late trading, and the Hang Seng Technology Index rebounded to 1.34%. Nearly turning red, the State Index closed up slightly by 0.18%, and the three bottomed out in the afternoon and rebounded. Large-scale technology stocks rose and fell mixed, Alibaba rose 3%, Baidu rose 1%, Xiaomi, Tencent, and fell slightly; the net inflow of southbound funds was 3.456 billion Hong Kong dollars throughout the day, and the market turnover was still less than 100 billion Hong Kong dollars.

HSI HK50 4-hour chart

Brief technical analysis:

Looking at the 4-hour chart: the market’s bearish sentiment continues, and it fluctuates after a short-term decline, and there is a trend of continuing to move downward. The MACD indicator is weakly finishing below the 0 axis, and the RSI indicator is hovering weakly below the 50 balance line;

Resistance level: 19888 20016

Support level: 19562 19434

Trading strategy: bearish below 19753, target 19562 19434
Alternative strategy: call above 19753, target 19888 20016

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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