We need to see bulls form a daily low, that on close, sits above the 4828.24 mark asap , to signal that the capital controls news isn't killing the rally. This might take a couple days.
For the time being I'm holding a 15% long position in , and looking to trade short term dips without closing this core position, and rebalancing if need be.
Let's see if we move above 4828.24 next.
This will be interesting.
Support holding, and not a single daily high under the news key level, means buyers are in control. Daily RgMov trend shifted down though, so be careful.
Weekly is still up, this is usually a buy signal for longer term players.
And bingo, we're heading higher, if we close above the recent high, and see price form lows above, we'll be headed towards 6555 next.
They tell a story, that is logical and visually evident.
Now we need to see first, how the market digests this, it'll take a few days, if long term smart money buyers want, they'll continue to buy on dips, and shake out weak hands when the market is too one sided.
If not, it might be more profitable for them to start unloading positions, if they consider the China capital controls news to be too dangerous for their long term vision.
We will be able to glean this from price action in the following days and weeks.