Hk50: the low level continues to fall sharply

Basic analysis:

Hong Kong's Hang Seng Index closed down 392.6 points, or 1.96%, at 19610.84 on Wednesday, August 10; Hong Kong stocks maintained a downward trend throughout the day. Almost all the industry sectors fell, and the market sentiment was very low. The Hang Seng Index fell 1.96% to break the 20000 point mark again, and the low price in the refreshing stage. The Hang Seng technology index fell 2.83% to break the 4200 point. Fitch Ratings said that Hong Kong's decision to relax the mandatory quarantine requirements will reduce the burden of inbound tourists, but it will not play a significant role in offsetting Hong Kong's short-term growth and financial pressure. Fitch Ratings also predicted that Hong Kong's economy would shrink again this year, and lowered the forecast of Hong Kong's economic growth this year from the previous forecast of 1% to a negative growth of 0.5%.

Hang Seng Index hk50 4-hour chart

Technical analysis:

According to the 4-hour chart, the power of low-level short positions continues to move downward, and there is no sign of stopping the short-term decline. MACD index is in the short position, and it maintains consolidation and translation. RSI index is in the lower side of the 50 equilibrium line;

Long and short turning point: 19675

Pressing position: 19905, 20191

Support position: 19325, 19122

Trading strategy: 19675 bearish, target 19325, 19122

Alternative strategy: 19675 bullish, target 19905, 20191