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HK50: Weak finishing

Brief analysis of fundamentals:

Hong Kong’s Hang Seng Index closed down 72.49 points, or 0.35%, at 20351.35 points on February 23 (Thursday). The Hong Kong stock market rebounded after a continuous correction, and the trends of the three major indexes diverged. 0.35%, once rose about 1% intraday. On the disk, some large-scale technology stocks rebounded and rose, NetEase rose by more than 4%, Alibaba rose by more than 2%, the net inflow of southbound funds was 2.522 billion Hong Kong dollars, and the market turnover was 102.6 billion Hong Kong dollars. Citigroup's research report predicts that there is still more room for upside in mainland China and Hong Kong stock markets, with favorable factors coming from the National People's Congress, upward revisions to general earnings estimates, and increased weighting by long-term investors.

HSI HK50 4-hour chart

Brief technical analysis:

Looking at the 4-hour chart: the downward trend of market bearishness remains, the short-term low position is weak, the market as a whole is in a weak position, the bearish sentiment remains, the MACD indicator is in the bearish area and moves down slowly, and the RSI indicator is hovering weakly below the 50 balance line;

Long-short turning point: 20492

Suppression: 20714, 20937
Support: 20202, 19987

Trading strategy: bearish below 20492, target 20202, 19987
Alternative strategy: call above 20492, target 20714, 20937

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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