Tech stocks lead the market, HSI opens higher

Fundamental analysis:

Hong Kong's Hang Seng Index closed up 596.56 points, or 2.96%, at 20717.24 on May 20 (Friday); Hong Kong stocks opened higher and went higher, the increase in the late trading further expanded, and the market sentiment stabilized significantly. The Hang Seng technology index rose 4.74% and returned above 4200. On Wednesday, the major index stopped falling and rebounded, with the Hang Seng Index up more than 4% and the Hengke index up more than 6%. Affected by the sharp rise of Chinese concept stocks yesterday, technology stocks led the way and helped the market strengthen throughout the day. Xiaomi and JD rose nearly 6%, Alibaba, Baidu, Netease and Kwai rose more than 5%, and Tencent rose 3.5%.

Hang Seng Index hk50 - 4-hour K-line chart shows:

Technical comments: the low-level Bull Power maintained a shock rise, and began to move up slowly after touching the node near the upper rail 20744 of the brin belt index. The short-term Bull Power showed signs of continuing to move up. The brin belt index showed a closing trend and continued. The MACD index was in the short area, maintained a shock, moved up and hovered near the 0 axis, and the RSI index was near the 50 equilibrium line, and began to move up after weak consolidation;

Long short turning point: 20479

Pressing position: 20957, 21328

Support position: 20120, 19735

Trading strategy: bullish above 20479, target 20957, 21328

Alternative strategy: bearish below 20479, targets 20120 and 19735

The above analysis is a personal point of view and is for reference only.