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With the lack of leads in recent days, the Hang Seng Index saw some choppy sessions.
Shares were eventually dragged down by a range of factors, from increased concerns over the Ukraine-Russia crisis to profit-taking from the recent rally.
On a short-term basis, the Hang Seng looks to be starting on a downtrend after breaking through its support level of 24,740 and its 100-Day Moving Average (DMA).
With the negative leads from Wall Street overnight and a lack of strong market catalysts this week, the index is likely to find little reason to move ahead. We’ll be watching out for the Hang Seng Index to test its 200 DMA and the next support level at 24,420 points.