Hk50: weakness moves down again

Basic analysis:

Hong Kong's Hang Seng Index closed down 134.76 points, or 0.67%, at 20040.86 on Monday, August 15; The three major indexes of Hong Kong stocks were weak throughout the day, and the Hang Seng technology index fell 0.88%. The net inflow of funds going south today was HK $1.27 billion, and the transaction volume of the market shrank to HK $70 billion. Large technology groups fell, Baidu, BiliBili, Tencent and Alibaba fell by more than 1%, and jd.com and Netease all fell; CCTV said that the prices of various chips had avalanched, chip stocks fell, and SMIC fell 6.2%; Hong Kong Finance and exchange bureau: inquire into the financial statements of China Evergrande for the year ended December 31, 2020 (the annual accounts of China Evergrande in 2020) and the six months ended June 30, 2021; And to investigate the audit of PricewaterhouseCoopers on the annual accounts of China Evergrande in 2020.

Hang Seng Index hk50 4-hour chart

Technical analysis:

According to the 4-hour chart, the low short power moves downward again, the short-term decline may come again, the MACD index hovers below the 0 axis, and the RSI index is in the weak consolidation of the 50 equilibrium line;

Turning point of long and short: 20124

Pressing position: 20343, 20531

Support position: 19858, 19649

Trading strategy: bearish below 20124, targets 19858 and 19649

Alternative strategy: bullish above 20124, targets 20343 and 20531