Hang Seng Fails to Break Through 24,285; Downside Risk Increases

The Hong Kong Hang Seng Index remained under selling pressure during Thursday’s trading session (October 15), with prices hovering around the 24,037 level. Technical analysis based on a five-hour chart indicates a bearish bias, following several failed attempts to breach a strong resistance area near 24,285.

The 24,285 level serves as a major hurdle for any recovery, as selling pressure consistently emerges whenever the price approaches this mark. The failure to break through this resistance suggests that buyers currently lack the momentum required to reverse the market's direction.

Meanwhile, the 23,692.5 level acts as a critical support area that investors should monitor closely. Should the Hang Seng close below this level, selling pressure could intensify, potentially leading to a deeper decline.

In terms of momentum, price action remains dominated by negative sentiment. As long as the index stays below the 24,285 resistance, the potential for a rebound is expected to remain limited, while the risk of a continuing downward trend persists.

Looking ahead, the direction of the Hang Seng will largely depend on whether the index can hold the 23,692.5 support level or successfully break through the 24,285 resistance. A breakout above the resistance could pave the way for a recovery, whereas a close below the support level risks accelerating the index's decline in the short term.