China 50 Possible Head and Shoulders Pattern
We have had a recent downtrend to the 13400 zone where it looked like we could see an inverse head and shoulders to the downside.
However, we failed to break below. Now we are attempting to create a head and shoulders pattern to the upside. Waiting for a break above 13700 with a nice close.
Equities seem to be ready to get a boost from world central markets with the promise of more cheap money. The ECB is tomorrow and they are likely to cut rates even negative and provide more stimulus. The US Federal Reserve is then on tap to do the same next week on the 31st.
The Chinese markets may have other issues. Talks of a banking crisis with Baoshang bank, and other economic problems...China's last GDP reading of 6.2% was the lowest in 27 years.
However, we failed to break below. Now we are attempting to create a head and shoulders pattern to the upside. Waiting for a break above 13700 with a nice close.
Equities seem to be ready to get a boost from world central markets with the promise of more cheap money. The ECB is tomorrow and they are likely to cut rates even negative and provide more stimulus. The US Federal Reserve is then on tap to do the same next week on the 31st.
The Chinese markets may have other issues. Talks of a banking crisis with Baoshang bank, and other economic problems...China's last GDP reading of 6.2% was the lowest in 27 years.