The Hang Sang index fell over 8% in the last two days and down just 20% for the month of March 2022.

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Investors are very nervous over the potential delisting of U.S. duel listed stocks like Alibaba and JD.com.
The other dangerous issue facing right now is its latest Covid outbreak in Hong kong. The numbers are the largest the country has seen since 2020. Shanghai and Shenzhen are back in partial lockdown. This is driving fear around business confidence.

From the monthly chart below, HK50 price has moved back into a demand area that has stopped two previous declines. It may be a strong support. Let's see for a few months later.

 

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HSI50 Closed as a bullish pin bar weekly.
A strong support at around 18000 was confirmed at this moment 19/3/2022.
Let's look for monthly closing candle at the end of March 2022

 

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Looking at the HK50 D1 chart today, 4 Apr 2022, the price has started to break out of its consolidation pattern.
Last month we saw on the HK50 as the price crashed back to 18,139.
However HK market changed dramatically as buyers surged the price higher, adding 10% in one session.

Today buyers took the next step to break out the consolidation pattern. If the price close above 22,450, a newly confirmed break occurs.

Generally Step one for bulls is to confirm the break and beat the recent important resistance

HK50 D1 Chart