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HK50: wide shock

2023-05-03
755
Brief analysis of fundamentals:

Hong Kong’s Hang Seng Index closed up 39.24 points, or 0.2%, at 19933.81 points on May 2 (Tuesday); on the first Hong Kong stock trading day in May, the three major indexes rebounded slightly after rising in early trading, and continued to rise and fall in the afternoon Hovering sideways, as of the close, the Hang Seng Index closed up slightly by 0.2%, the HSCEI fell 0.33%, and the Hang Seng Technology Index fell 0.08%. Stimulated by news of popular travel during the "May 1st" holiday, the road and railway sectors were strong throughout the day, and Hong Kong's economy got rid of the four consecutive quarters of decline. The Census and Statistics Department has released advance estimates that GDP rose by 2.7% year-on-year in the first quarter of this year, mainly due to a significant increase in internal demand; it fell by 4.1% in the fourth quarter of last year. On a seasonally adjusted quarterly basis, GDP rose 5.3% (3.00% expected).

HSI HK50 4-hour chart



Brief technical analysis:

Looking at the 4-hour chart: the bullish momentum maintains a narrow range of shocks and moves up, and after short-term resistance, it fluctuates in a wide range. The market is still bullish. The MACD index is weakly finishing below the 0 axis, and the RSI index is hovering weakly below the 50 balance line;

Resistance level: 19948 20063

Support level: 19642 19521

Trading strategy: Bullish above 19765, target 19948 20063
Alternative strategy: bearish below 19765, target 19642 19521

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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