Basic analysis:
Hong Kong Hang Seng Index closed down 231.06 points, or 1.4%, at 16280.22 on October 20 (Thursday); In the afternoon, Hong Kong stocks rose in the short term but failed to move out of the reverse market. The three major indexes fell again, engulfing the rebound gains before, and setting adjusted low prices. The Hang Seng Technology Index fell 2.37% to close at 3200 points. Influenced by the sharp drop in the Chinese stock market in the United States, the Chinese stock market in Hong Kong fell all the time, and Zaiding Pharmaceutical was the worst performer when it fell by more than 12%. According to the salary trend survey of the Hong Kong Institute of Human Resources Management, the average salary increase for Hong Kong employees this year was 3.5%. After excluding inflation, the actual increase was 1.6%, while the average salary increase for next year is expected to be 3.6%.
Hang Seng Index HK50 4 Hour Chart
Technical analysis:
The 4-hour chart shows that after the short-term narrow consolidation of the short power low position, the short power low position moves downward again, and the short-term decline strikes again. The market short sentiment is shrouded. The MACD index is at the low level of the short position area, and the RSI index is at the lower side of the 50 equilibrium line;
Empty turning point: 16395
Pressing: 16650, 16909
Support: 15999, 15734
Trading strategy: 16395 lower bearish, target 15999, 15734
Alternative strategy: 16395 upside bullish, target 16650, 16909