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HK50: within a narrow range

Brief analysis of fundamentals:

Hong Kong’s Hang Seng Index closed up 35.65 points, or 0.17%, at 20603.19 points on March 6 (Monday). The three major Hong Kong stock indexes fluctuated within a narrow range. 0.17%, relatively strong. On the disk, the general decline of large-scale technology stocks caused a downturn in the market. The net inflow of southbound funds was 4.009 billion Hong Kong dollars, and the market turnover was 109.1 billion Hong Kong dollars. Military stocks, petroleum stocks, electric power stocks, and gambling stocks all sold well. Three barrels of oil rose for 4 days in a row, and CNOOC hit a record high.

HSI HK50 4-hour chart

Brief technical analysis:

The 4-hour chart: the low-level bulls pull up and then fluctuate, and the short-term narrow-range arrangement, the market as a whole is hovering, the MACD indicator is in the bearish area and slowly moving upward, and the RSI indicator is hovering around the 50 equilibrium line;

Resistance level: 20769 20961

Support level: 20290 20122

Trading strategy: Bullish above 20476, target 20769 20961
Alternative strategy: bearish below 20476, target 20290 20122

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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