Home Forex Markets Hang Seng Index (HSI) breaks below 20700 again, and the trend outlook resumes downward

Hang Seng Index (HSI) breaks below 20700 again, and the trend outlook resumes downward

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Hang Seng Index (HSI) breaks below 20700 again, and the trend outlook resumes downward

The Hang Seng Index (HSI) opened lower on Thursday, although U.S. stocks maintained their rebound momentum overnight. With the continuation of the decline of 21,000 that was blocked yesterday, the Hang Seng Index broke below 20,700 again today, and the technical outlook has weakened.

U.S. stocks closed stronger on Wednesday, with the three major stock indexes hitting their highest levels since early June. The Dow closed up 0.15%, the S&P 500 gained 0.59% and the Nasdaq gained 1.58%. Investors are betting that the stock market has bottomed due to the recent positive earnings reports of U.S. stocks. The VIX, the fear index, fell to a near 3-month low yesterday.

However, the continued rebound of US stocks did not continue to boost the Hong Kong Hang Seng Index (HSI). The Hang Seng Index opened 0.62% lower on Thursday, and then fell volatile. However, the Hang Seng Technology Index still closed up 0.12% on Thursday. The net inflow of funds into the Hong Kong stock market through Hong Kong Stock Connect on Thursday exceeded 1.8 billion yuan.

On Thursday, 15 stocks in the Hang Seng Index rose, while 54 fell. The top three best-performing stocks were: NetEase, up 6.26%; Sunny Optical Technology, up 3.53%; and TechTech, up 2.36%. The top three worst-performing constituents were: Country Garden Services, down 8.85%; Longfor Group, down 7.22%; Country Garden, down 6.47%. The major heavyweights performed as follows: Tencent Holdings fell 1.36%; Alibaba fell 1.16%; China Construction Bank fell 1.79%.

Markets in mainland China were weaker on Thursday, with the Shanghai Composite Index closing down 0.99%. Yesterday, the People’s Bank of China kept the one-year and five-year loan market quoted rates (LPRs) unchanged at 3.70% and 4.45%, respectively.

The Hang Seng Index (HSI) ended up only down 0.62% in the second quarter, does this mean that the third quarter will turn the salted fish into a positive?

Hang Seng Index (HSI) Trend Technical Analysis

The daily chart shows that the Hang Seng Index (HSI) rebounded at 21,000 and fell back yesterday, and the short-term key level of 20,700 gained and lost again, making the trend prospects turn down again, and may fall to 20,200 and 20,000 levels in the future. If there is a rebound, the 20700-21000 area has been turned into resistance, which may limit the upside of the rebound. (Follow the author on Twitter @Legen_DailyFX )

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