HK50: Short position dips

Basic analysis:

Hong Kong Hang Seng Index closed down 168.69 points, or 0.89%, at 18761.69 on September 16 (Friday); Hong Kong stocks maintained their decline throughout the day, and the three major indexes all hit new lows. Large technology stocks continued to fall, dragging down the market. Yu Weiwen, President of the Hong Kong Monetary Authority, said at the 2022 financial market summit that he was discussing with mainland departments to expand North South Financial Connect through gradual measures, including: increasing the product range; Develop the offshore RMB derivatives market and introduce risk management products to meet the hedging needs of investors; And strengthen the use of RMB in equity transactions, such as the feasibility of pricing in RMB for southbound transactions.

Hang Seng Index HK50 4 Hour Chart

Technical analysis:

The 4-hour chart shows that the momentum of short positions has kept moving slowly downward, low position weakness has been hovering downward, market short positions have been shrouded, and there is no stop in the short term. MACD indicators remain in the short positions, and RSI indicators are hovering below the 50 equilibrium line;

Empty turning point: 18821

Pressing position: 18998, 19151

Support position: 18564, 18403

Trading strategy: 18821 bearish, target 18564, 18403

Alternative strategy: 18821 upper bullish, target 18998, 19151