Hang Seng Tumbles to Year-Low 22,518 Points, Losing Over 1,250 Points in Week

The Hang Seng Index fell to 22,518 points on Friday, June 26, marking its lowest level since May 7 last year, according to technical analysis. The index has declined for six consecutive weeks since mid-May, with five straight days of lower highs and lower lows recorded last week, ultimately closing down 405 points at 22,671.

On a weekly basis, the Hang Seng dropped 1,253 points, or 5.23%. Key technical support levels have collapsed following the breach of the 38.2% golden ratio support at 24,696 points on June 8, followed by breaks below the 50% retracement level near 23,658 points and the 61.8% golden ratio support around 22,621 points. Meanwhile, Alibaba plummeted nearly 39% from its May 14 peak of 142.97 Hong Kong dollars to 88.65 dollars last Friday, significantly outpacing the index's decline and signaling potential oversold conditions.