China50 finds support after posting double bottom

OANDA:CN50USD   China A50
CHN50 - Intraday - We look to Buy at 13545 (stop at 13430)

Although the bulls are in control, the stalling positive momentum indicates a turnaround is possible. A lower correction is expected. The 50-day moving average should provide support at 13580. We look to buy dips. Although the anticipated move higher is corrective, it does offer ample risk/reward today.

Our profit targets will be 13880 and 14470

Resistance: 13710 / 14470 / 15155
Support: 12950 / 12270 / 11485

Risk Disclaimer

The trade ideas beyond this page are for informational purposes only and do not constitute investment advice or a solicitation to trade. This information is provided by Signal Centre, a third-party unaffiliated with OANDA, and is intended for general circulation only. OANDA does not guarantee the accuracy of this information and assumes no responsibilities for the information provided by the third party. The information does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.

You accept that you assume all risks in independently viewing the contents and selecting a chosen strategy.

Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, Oanda Asia Pacific Pte Ltd (“OAP“) accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore customers should contact OAP at 6579 8289 for matters arising from, or in connection with, the information/research distributed.'