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HK50: Step down

2023-02-06
925
Brief analysis of fundamentals:

Hong Kong’s Hang Seng Index closed down 297.89 points, or 1.36%, at 21660.47 points on February 3 (Friday); the three major Hong Kong stock indexes fell throughout the day, and the decline narrowed slightly in the afternoon. It fell 1.58%, and the Hang Seng Technology Index fell 1.33%. This week, the three major indexes retreated across the board, and the Hang Seng Index fell 4.5%. Most of the technology stocks that are the market vane fell, Baidu fell 4.4%, Alibaba, Kuaishou, JD.com, and Meituan all fell by more than 2%, Tencent and Netease rose slightly; the net inflow of southbound funds was 1.524 billion Hong Kong dollars, and the market turnover was 129.9 billion Hong Kong dollar.

HSI HK50 4-hour chart



Brief technical analysis:

Looking at the 4-hour chart: the high-level short-term dynamics fluctuated downward in a stepwise manner, the short-term decline may continue, the market is shrouded in short-term short-term sentiment, the MACD indicator is in the bullish area to maintain a downward shock, and the RSI indicator is hovering weakly below the 50 balance line;

Long-short turning point: 21729

Suppression: 21949, 22177
Support: 21385, 21150

Trading strategy: bearish below 21729, target 21385, 21150
Alternative strategy: call above 21729, target 21949, 22177

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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