Hang Seng Tech Index closing 1.67% lower

Hang Seng Tech Index is now down 3 days in a row, today closing at -1.67% lower. At one point in time, the index was as low as 6,833.88 with all the constituent stocks in the red. If you noticed once it crossed through 7,000, the rebound is pretty fast and started its consolidation before making an up move. 

It seems like 7,000 is the support level at this point in time and should hold when it touches or pierce through this level.  

Courtesy of AAStocks

Looking at the gainers for today, Sunny Optical and Tencent popped a gain of more than 1% and at one point in time, both were negative and close to its moving average (20MA for Sunny and 50MA for Tencent) before rebounding higher. Tencent will be announcing their results today and we will see if it will help push the prices higher for the rest of the week and at the same time, whether there are any geo political tension between China and US to negate any good news. 

Courtesy of AAStocks

Losers for today are primarily Hua Hong and China Lit where they have dropped -10.843% and -9.486% respectively. At one point in time, Hua Hong was down close to 17% before closing at 29.60. The losers however are small cap companies as you can see as compared to the top 5 gainers so we will need to monitor closely how the big cap companies will try to hold up the index. 

Courtesy of AAStocks

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