By IFCMarkets
Weak Hong Kong data bearish for HK50
Hong Kong economic data in the last couple of weeks were weak. The Q4 GDP final reading confirmed economy contracted 2.9% over year in the last quarter of 2019, following a 2.8% fall in the previous three months. Retail sales decline continued: sales decline accelerated to 23% over year in January after 21.1% fall in previous month. And the private sector contraction continued the 23rd straight month in February. The contraction was attributed to impact of the coronavirus outbreak in China and globally, which resulted in falling new orders and output. Deteriorating economic data are bearish for HK50.
| Indicator | VALUE | Signal |
|---|---|---|
| RSI | Neutral | |
| MACD | Sell | |
| Donchian Channel | Sell | |
| MA(200) | Sell | |
| Fractals | Sell | |
| Parabolic SAR | Sell |
| Order | Sell |
| Buy stop | Below 24098 |
| Stop loss | Above 25614 |
Market Analysis provided by IFCMarkets