Home Forex Markets The Hang Seng Index (HSI) failed to attack 20,000 points, and the market outlook may continue to try

The Hang Seng Index (HSI) failed to attack 20,000 points, and the market outlook may continue to try

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The Hang Seng Index (HSI) failed to attack 20,000 points, and the market outlook may continue to try

U.S. stocks performed weakly overnight, but Hong Kong’s Hang Seng Index (HSI), supported by the epidemic prevention and control and customs clearance expectations, further strengthened on Wednesday and set a near four-month high. Technically, the Hang Seng Index may continue to try to break through the resistance of the 20,000 mark. If successful, there will be further upward space.

The Hang Seng Index (HSI) once broke through 20,000 points and closed up 1.56%

Overnight data showed that the U.S. S&P/CS 20-largest city house price index recorded an annual rate of 8.6% in October, which was stronger than the expected value of 8.2%, but it was still the smallest increase since October 2020. In addition, the U.S. merchandise trade deficit in November was $83.3 billion, the lowest since December 2020.

The U.S. stock market performed weakly after resuming trading on Tuesday, with the three major indexes mixed – the S&P 500 fell 0.4%, the Dow Jones rose 0.11%, and the Nasdaq fell 1.38%.

In terms of news from China, after the National Health and Medical Commission announced that the new type of coronavirus infection will be implemented from January 8th, the National Immigration Administration announced that it will resume in an orderly manner from January 8th next year. Hong Kong endorsement and the resumption of port visa issuance, and the issuance of temporary entry permits in accordance with the law.

The Hang Seng Index (HSI) had a strong performance on Wednesday, rising 1% at the opening, reaching a peak of 2.59% in the morning, breaking through 20,000 points and hitting 20,099 points, but then narrowing the gains to close at 19,898.91 with a 1.56% increase. The Hang Seng Technology Index closed up 2.14% on Wednesday. On December 28, the net inflow of funds into the Hong Kong stock market through Hong Kong Stock Connect was 3.865 billion yuan, and the net purchase was 2.053 billion yuan.

The Hang Seng Index successfully broke through the downward trend line since June last year, and began to try to break through 20,000 points! How to grasp the breakthrough opportunity? Download “Breakthrough Trading Strategy Guide”👇👇👇

On Wednesday, 64 stocks in the Hang Seng Index rose, 11 fell and 1 was flat. The top three constituent stocks with the best performance and their gains were: Xinyi Solar rose 8.32%; WuXi Biologics rose 6.94%; Sunny Optical Technology rose 6.64%. The top three constituent stocks with the worst performance and their declines were: Zhongsheng Holdings fell 4.45%; China Unicom fell 2.6%; Geely Automobile fell 2.57%. The main heavyweights performed as follows: Tencent Holdings rose 1.87%; Alibaba rose 1.39%; China Construction Bank rose 4.07%.

Hang Seng Index (HSI) Trend Technical Analysis

The daily chart shows that the Hang Seng Index (HSI) has further challenged upwards to 20,000 points. Although the initial attempt failed, the Hang Seng Index may continue to try to break through 20,000 points if the upward trend remains unchanged since November. And if it pulls back, the initial support below will focus on the gap gap 19600-19800 area, and the support below will focus on the 20-day moving average at 19300. (Follow the author on Twitter @Legen_DailyFX )

The Hang Seng Index (HSI) failed to attack 20,000 points, and the market outlook may continue to try

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