Uncharted-FX
Short

China 50 Reversal Pattern

FOREXCOM:CHN50   China A50 CFD
The daily chart of the China 50 gave us a reversal trigger on a Friday. Going forward this week would ideally like to see how the market opens to see if it can give us a pullback.

The market structure is apparent. Higher lows and higher highs. We hit a resistance and from here the higher lows (uptrend) began to weaken.

From here, we created and confirmed our first lower high with the break of the neckline on the head and shoulders pattern.

I would watch to see how price reacts at the 13400 zone, but main target would be 13000.


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