HK50: Short position low fluctuation

Basic analysis:

Hong Kong Hang Seng Index closed 131.33 points lower, or 0.78%, at 16701.03 on October 12 (Wednesday); Hong Kong shares rose sharply in the afternoon, driven by A-shares, once walked out of the V-shaped reverse market, and the three major indexes continued to decline in the late afternoon. The Hang Seng Science and Technology Index fell 0.27%, and large science and technology stocks fell significantly after the surge, but the decline narrowed significantly compared with the early trading. Today, the net inflow of funds from the south bucked the trend of 2.556 billion Hong Kong dollars, and the trading volume in the big market increased to 112.8 billion Hong Kong dollars.

Hang Seng Index HK50 4 Hour Chart

Technical analysis:

The 4-hour chart shows that the short position fluctuates downward. Although the low position has support, it has not changed the downward trend in the short term. The MACD indicator moves downward in the weak position of the short position area, and the RSI indicator is in the low position of the short position area;

Empty turning point: 16830

Pressing: 17072, 17294

Support: 16404, 16220

Trading strategy: bearish under 16830, target 16404, 16220

Alternative strategy: bullish above 16830, target 17072, 17294