Home Forex Markets Hang Seng Index (HSI) drops 6.57% in first half, uptrend remains intact since May

Hang Seng Index (HSI) drops 6.57% in first half, uptrend remains intact since May

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Hang Seng Index (HSI) drops 6.57% in first half, uptrend remains intact since May

The U.S. stock market was basically stable overnight, but stock index futures suggested that U.S. stocks continued to be weak. The Hang Seng Index (HSI) closed down 0.62% on the last day of June, and the Hang Seng Index has fallen 6.57% in the first half of the year. Technically, the Hang Seng Index (HSI) covered the short-term gap at the beginning of the week, and the upward trend since the low point in May is still intact.

Hang Seng Index (HSI) failed to follow in the footsteps of A shares, continued to pull back to fill the gap

U.S. first-quarter GDP growth was revised down to -1.6% overnight, confirming downward pressure on the economy. However, Fed Powell still said in yesterday’s speech that “the U.S. economy is strong and can withstand monetary policy tightening.” Cleveland Fed President Mester’s speech supports a 75 basis point interest rate hike at the next meeting, and believes that the US economy will not usher in a recession.

The U.S. stock market remained weak on Wednesday, with the three major indexes rising and falling slightly. The S&P 500 edged down 0.07%, the Dow edged up 0.27% and the Nasdaq edged down 0.03%. But this may not be a sign of stabilization in U.S. stocks, as U.S. stock indexes have resumed their losses so far today, with S&P 500 futures down as much as 1.25%.

Hong Kong’s Hang Seng Index (HSI) was volatile in morning trade on Thursday, failing to track gains in mainland Chinese stocks, before falling as mainland stocks pared gains in afternoon trade. By Thursday’s close, the Hang Seng Index was down 0.62% and the Hang Seng Technology Index was down 1.36%.

On Thursday, 32 Hang Seng constituents rose, 34 fell and 3 were unchanged. The top three top performers were: China Biopharmaceuticals, up 5.97%; China Resources Beer, up 4.56%; Xinyi Glass, up 4.21%. The top three worst performers were: Meituan, down 4.24%; Lenovo Group, down 4.18%; and Orient Overseas International, down 3.08%. The major heavyweights performed as follows: Tencent Holdings fell 2.9%; Alibaba fell 2.27%; China Construction Bank rose 0.96%.

Whether trading the HSI or any other variety, a successful trader must have a set of winning rules. The following guide will help you a lot!

Hang Seng Index (HSI) Trend Technical Analysis

The daily chart shows that the Hang Seng Index (HSI) fell back to fill the gap at 21700-22000 at the beginning of the week. If it holds 21700, it may resume its upward movement and point to the key resistance level of 22500. If it falls below 21700, it may point to 21500 and the trend line since May at 21300.

From the weekly chart, if it goes up, the key resistance for the Hang Seng Index (HSI) to face in the second half of the year will appear in the 23000-24000 area. Only by clearing the obstacles in this area can the Hang Seng Index completely reverse its weakness. On the contrary, the Hang Seng Index may maintain a low volatility pattern. (Follow the author on Twitter @Legen_DailyFX )

Hang Seng Index (HSI) drops 6.57% in first half, uptrend remains intact since May

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