HK50: Shorts keep moving down

Basic analysis:

Hong Kong Hang Seng Index closed down 523.39 points, or 2.95%, at 17216.66 on October 10 (Monday); Hong Kong shares maintained a decline throughout the day, and market sentiment was sluggish. The Hang Seng Science and Technology Index fell 3.98%, and the low point was 3382.9. The collective decline of heavyweight technology stocks dragged down the market, with Meituan down 6.7%, Alibaba, Fasthand and JD down more than 3%, and NetEase, Baidu and Tencent down more than 2%; The net inflow of capital from Nanxia was HK $1.584 billion against the trend, and the turnover in the market was HK $95.1 billion.

Hang Seng Index HK50 4 Hour Chart

Technical analysis:

The 4-hour chart shows that the bearish momentum has fallen again, the overall market decline may continue, the bearish sentiment continues to be shrouded, the MACD indicator remains in the bearish area and remains volatile, and the RSI indicator remains in the weak side of the 50 equilibrium line;

Empty turning point: 17360

Pressing: 17595, 17825

Support: 17062, 16873

Trading strategy: 17360 lower bearish, target 17062, 16873

Alternative strategy: bullish above 17360, target 17595, 17825