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HK50: strong climb

2023-05-16
814
Brief analysis of fundamentals:

Hong Kong’s Hang Seng Index closed up 343.89 points, or 1.75%, at 19,971.13 points on May 15 (Monday). In the afternoon, the Hong Kong stock market was boosted by the big financial and medium and special evaluation concept stocks. The three major indexes rose rapidly, and the Hang Seng The index closed up 1.75% in the end, the State Index and the Hang Seng Technology Index rose 1.75% and 1.33% respectively, and the three once rose by more than 2% in the intraday session. Large-scale technology stocks rose in the afternoon. The market expects that the adjusted net profit of Q1 will rise by 27% year-on-year. MCC all rose; the net inflow of southbound funds was 2.18 billion Hong Kong dollars throughout the day, and the market turnover was 101.6 billion Hong Kong dollars.

HSI HK50 4-hour chart



Brief technical analysis:

4-hour chart: Bulls drive low and go high, short-term bullish sentiment emerges, the market’s bullish momentum continues to rise, and the trend continues to rise in the short term, the MACD indicator is hovering weakly below the 0 terminal line, and the RSI indicator is below the 50 balance line after finishing Move up;

Resistance level: 20074 20205

Support level: 19745 19617

Trading strategy: Bullish above 19869, target 20074 20205
Alternative strategy: bearish below 19869, target 19745 19617

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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