Hk50: continuous low decline

Basic analysis:

Hong Kong Hang Seng Index closed down 466.17 points, or 2.26%, at 20156.51 on July 29 (Friday); The Hang Seng Index closed down 2.26% and fell nearly 8% in July; Hang Seng technology index fell 4.86% and fell more than 11% in July. The three major indexes of Hong Kong stocks showed a unilateral decline throughout the day, and the decline further expanded in the afternoon. The Hang Seng technology index once fell 5.6% and closed down 4.86%, falling two integer levels in a row. The Hang Seng Index fell 2.26% and nearly 466 points, both of which hit a new low in the stage. Large technology stocks led the market down, with Alibaba and meituan down more than 6%, while jd.com, Baidu, Netease and Tencent all fell more than 4%.

Hang Seng Index hk50 4-hour chart

Technical analysis:

According to the 4-hour chart, the market bears are clearly shrouded, the short-term sharp decline, the early low has broken, and there is no sign of stopping the decline. The MACD index is in the short area to maintain the consolidation and translation, and the RSI index is hovering below the 50 equilibrium line;

Long short turning point: 20179

Pressing position: 20346, 20543

Support position: 19958, 19805

Trading strategy: bearish below 20179, target 19958, 19805

Alternative strategy: bullish above 20179, goals 20346, 20543