Home Forex Markets Hang Seng Index (HSI) fell to the bottom of the range, facing downside risks

Hang Seng Index (HSI) fell to the bottom of the range, facing downside risks

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Hang Seng Index (HSI) fell to the bottom of the range, facing downside risks

U.S. stocks opened higher and moved lower overnight, and showed signs of further decline. The Hang Seng Index (HSI) fluctuated all the way down after opening lower on Wednesday, closing down 2.38%. Technically, the Hang Seng Index faces the risk of breaking out of the recent volatile range.

Hang Seng Index (HSI) ends rebound and tumbles 2.38%

Data on Tuesday showed that U.S. industrial output performed strongly in September, up 5.3% year-on-year and 0.4% month-on-month, both stronger than expected and the previous value. In addition, Fed official Kashkari said overnight that if the core CPI keeps rising, then the Fed rate cannot stop at 4.5% or 4.75%. Stronger data and hawkish rhetoric are headwinds for stronger risk appetite.

Overnight, the U.S. stock index opened higher and moved lower. The S&P 500 rose 2.2% at the opening and narrowed to 1.14% at the close; the Dow Jones rose 1.12%; the Nasdaq rose 0.9%. It is worth noting that the U.S. stock index futures fell during the day, and the S&P 500 index futures are now down 0.8%, indicating that there is a risk that U.S. stocks will continue to pare gains tonight.

The Hang Seng Index (HSI) failed to be boosted by the closing gains of U.S. stocks, but was dragged down by the rising and falling of U.S. stocks. It opened down 0.65% on Wednesday, and then fell all the way down, closing down 2.38%. The Hang Seng Technology Index closed down 4.19% on Wednesday. Net inflows into the Hong Kong stock market through southbound trading on Wednesday were 5.417 billion yuan.

The Hang Seng Index (HSI) continues to refresh 11-year lows. Where does the fourth-quarter downtrend target look? 👇👇👇

On Wednesday, 9 of the Hang Seng Index rose, 60 fell and 4 were unchanged. The top three top performers were: Cheung Kong Infrastructure Group, up 2.54%; CLP Holdings, up 1.31%; and Citic, up 1.24%. The top three worst-performing stocks were: New World Development, down 7.75%; Li Ning, down 6.45%; and WuXi Biologics, down 6.35%. The main heavyweights were as follows: Tencent Holdings fell 4.09%; Alibaba fell 4.34%; China Construction Bank rose 0.0%.

Hang Seng Index (HSI) Trend Technical Analysis

The hourly chart shows that the Hang Seng Index (HSI) rebounded at around 17,000 at the top of the volatile range in recent days, and fell sharply today near the bottom of the range to support around 16,400. Considering the overall downward trend, there is a greater risk of the Hang Seng Index falling below the volatile range for further downside.

Once the Hang Seng Index (HSI) effectively falls below the support near 16400, it will look down to the lows of 16170 and 16000 in October 2011, and continue to test the upward support line since 1998 (near 15500). If it rebounds upwards, pay attention to resistance levels such as 16700 in the middle of the range and 17000 at the top of the range. (Follow the author on Twitter @Legen_DailyFX )

Hang Seng Index (HSI) fell to the bottom of the range, facing downside risks

The Hang Seng Index (HSI) continues to refresh 11-year lows. Where does the fourth-quarter downtrend target look? 👇👇👇

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