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HK50: shock reversal

2023-05-05
849
Brief analysis of fundamentals:

Hong Kong’s Hang Seng Index closed up 249.57 points, or 1.27%, at 19,948.73 points on May 4 (Thursday). Heavyweight stocks such as Hong Kong’s major financial companies rose, driving the Hang Seng Index up 1.27% and nearly 250 points, and the State Index rose 1.96%. The Hang Seng Technology Index was relatively flat. It once turned down in the afternoon and finally closed up 0.55%. Large financial stocks (insurance companies, Chinese securities companies, and domestic banks) performed strongly throughout the day, and Minsheng Bank’s performance was particularly impressive, with a surge of more than 10%. The net inflow of southbound funds was 4.427 billion Hong Kong dollars throughout the day, and the market turnover was 105.2 billion Hong Kong dollars.

HSI HK50 4-hour chart



Brief technical analysis:

Looking at the 4-hour chart: the low-level short-term shock moves upward, showing a W-shaped trend reversal, the short-term bullish momentum continues to move upward, the MACD indicator is weakly finishing below the 0 axis, and the RSI indicator is weakly hovering near the 50 balance line;

Resistance levels: 20047 20181

Support level: 19719 19605

Trading strategy: Bullish above 19841, target 20047 20181
Alternative strategy: bearish below 19841, target 19719 19605

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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