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HK50: short-term finishing

Brief analysis of fundamentals:

Hong Kong’s Hang Seng Index closed up 167.15 points, or 0.81%, at 20,886.96 points on February 20 (Monday). Up 1.27%. Large-scale technology stocks generally rose, Baidu rose 2.6%, NetEase, Meituan, Tencent, and Xiaomi all strengthened. According to the Hong Kong SAR government website, the Hong Kong SAR Legislative Council will hold a meeting at the Legislative Council Complex at 11 am on February 22 (Wednesday) meeting hall. The Appropriation Bill 2023 will be read for the first and second readings at the meeting. When moving the second reading, the Financial Secretary will introduce the government's Budget for the 2023-2024 fiscal year.

HSI HK50 4-hour chart

Brief technical analysis:

Looking at the 4-hour chart: the bearish downward trend continues, the short-term bullish dynamics are moving up, the market is bullish, and there are signs of waiting for an opportunity to enter the market. The MACD indicator is in the bearish area to maintain consolidation, and the RSI indicator is hovering weakly below the 50 balance line;

Long-short turning point: 20842

Suppression: 21125, 21327
Support: 20633, 20452

Trading strategy: Bullish above 20842, target 21125, 21327
Alternative strategies: bearish below 20842, target 20633, 20452

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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