HK50: Shorts keep falling

Basic analysis:

Hong Kong Hang Seng Index closed down 609.43 points, or 3.41%, at 17250.88 on September 28 (Wednesday); The three major indexes of Hong Kong stocks opened low and walked low. The decline in the late trading was further increased. The industry sector nearly all fell, and the market sentiment was very low. The Hang Seng Science and Technology Index fell 3.41% and fell more than 600 points, the National Index fell 3.12%, and the Hang Seng Science and Technology Index fell 3.85% and also fell below 3600 points, and the three renewed their low prices. The overall decline of heavyweight technology stocks dragged down the market.

Hang Seng Index HK50 4 Hour Chart

Technical analysis:

The 4-hour chart shows that the momentum of short positions continues to fluctuate and decline, and the short-term decline has not stopped. The short positions are constantly shrouded. The MACD indicator stays in the short positions and moves downward, while the RSI indicator stays at the low positions in the short positions;

Empty turning point: 17309

Pressing bit: 17532, 17743

Support position: 17043, 16840

Trading strategy: 17309 lower bearish, target 17043, 16840

Alternative strategy: 17309 upside bullish, target 17532, 17743