Home Forex Markets Hang Seng Index (HSI) rebounded and corrected, blocked by 18800-19000 area or resumed downward

Hang Seng Index (HSI) rebounded and corrected, blocked by 18800-19000 area or resumed downward

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Hang Seng Index (HSI) rebounded and corrected, blocked by 18800-19000 area or resumed downward

Overnight, European and American stock markets generally rebounded slightly, and the improvement in market risk appetite drove the Hang Seng Index (HSI) to end a four-day losing streak on Tuesday, closing up 1.16%. However, technically, the 18800-19000 area has begun to hinder further upward movement, and the Hang Seng Index has the risk of resuming its downward trend.

The US dollar index failed to hit 110 overnight, the market risk appetite improved, and the US stock index rebounded and corrected. The S&P 500 rose 0.69% on Monday, the Dow rose 0.64%, the Nasdaq rose 0.76% and the VIX, the fear gauge, fell 2%.

Affected by the improvement in market risk appetite, the Hang Seng Index (HSI) on Tuesday gapped up 0.89% at the opening, and then entered a volatile consolidation, with the largest intraday gain of 1.59% and a close of 1.16%. The Hang Seng Technology Index closed up 1.99%. A net inflow of 2.943 billion yuan into the Hong Kong stock market through southbound trading on Tuesday.

On Tuesday, 56 Hang Seng stocks rose, 15 declined and 2 were unchanged. The top three top performers were: Sands China Ltd., up 7.71%; Galaxy Entertainment, up 4.28%; and NetEase, up 3.85%. The top three worst performers were: Haidilao, down 7.81%; Country Garden, down 2.56%; and Sunny Optical Technology, down 1.9%. The major heavyweights were as follows: Tencent Holdings rose 1.52%; Alibaba rose 2.99%; China Construction Bank rose 0.21%.

The Hang Seng Index (HSI) resumed its downward trend in the third quarter, will it fall back to the low of the beginning of the year? 👇👇👇

Hang Seng Index (HSI) Trend Technical Analysis

The daily chart shows that the Hang Seng Index (HSI) rebounded and corrected under the first-line support of 18500, but this rebound may be temporary, because the upper 18800-19000 area begins to show resistance, and the Hang Seng Index may resume its downward trend if it cannot break through the resistance area. . If it resumes the downward trend as expected, continue to pay attention to the reaction of the index at the 18200-18300 support area, because this is the combination area between the March low and the lower side of the wedge.

However, if the Hang Seng Index (HSI) further rebounds and breaks above 19000, it will gain further upward space, and the upper resistance will focus on the 19350-19500 area, as this area brings together the 20-day moving average and the downward pressure line from the June high. . (Follow the author on Twitter @Legen_DailyFX )

Hang Seng Index (HSI) rebounded and corrected, blocked by 18800-19000 area or resumed downward

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