HK50: Short Position Downward

Basic analysis:

Hong Kong Hang Seng Index closed up 56.96 points, or 0.33%, at 17222.83 on September 30 (Friday); The three major indexes of Hong Kong stocks rose and fell at different levels. The Hang Seng Index, which once fell close to the 17000 point mark, closed 0.33% higher, the National Index rose 0.03%, and the Hengke Index fell 2.7% in the middle of the day, a new low since the establishment of the index, and finally closed down 0.93%. Financial stocks were strong all day, while education, medicine and Hong Kong local stocks were active. Science and technology stocks generally fell, with Weilai falling by 7%, leading the decline of constituent stocks of Hengke Index. Ideals Auto and Xiaopeng Auto fell by about 4%, Meituan and Fasthand fell by 2%, and Tencent fell by 1.5%, hitting a new low since the callback.

Hang Seng Index HK50 4 Hour Chart

Technical analysis:

The 4-hour chart shows that the bearish power maintains a weak shock downward, and the low position starts to sort out in the short term, but the downward trend is good, and the short-term decline has not stopped. The MACD index is in the low position weak position sorting in the short position area, and the RSI index is in the narrow range sorting in the short position area;

Empty turning point: 17287

Pressing position: 17503, 17724

Support position: 17012, 16787

Trading strategy: 17287 lower bearish, target 17012, 16787

Alternative strategy: bullish above 17287, target 17503, 17724