July 9 - CN50 seems has reached the same price level the 3rd time for the past 3 months (strong support level). This 16550 level is also resistance level back in early July 2020.
CN50 reached high in Feb 18 and has since shown weakness whereas the US indices are the opposite. It retraced 50% on May 27 (42 days from Apr 15) and down for 43days until Jul 9.
It may be too early to call this a bottom ... time will tell as anything can happen.
But i do have a buy order in place at 16955 and Stop loss 16480.
CN50 reached high in Feb 18 and has since shown weakness whereas the US indices are the opposite. It retraced 50% on May 27 (42 days from Apr 15) and down for 43days until Jul 9.
It may be too early to call this a bottom ... time will tell as anything can happen.
But i do have a buy order in place at 16955 and Stop loss 16480.
Comment:
July 19 - Judging by how the market turns today, i believe the CN50 is headed lower.
