13th September 08:28 Bst
Shanghai Composite Index SHCOMP
A Technically Perfect Bounce
This was meant to bounce from the the big double bottom
set-up at the 2639 line. In the event it fell to 2647 before
bouncing about 1% or so.
However this index is so far still stuck below the upper
parallel of the original downwave and is therefore not out of
the woods quite yet - but it has at least bounced where it
should have done from a technical perspective.
Now has to push up through that same parallel to start
running free to the upside and to challenge the next
resistance zone at 2791-2803 range.
Whilst this index holds up above 2639 trade worries should
dissipate and help other world markets too.
Shanghai Composite Index SHCOMP 12th September 00:59 Bst
Now just 10 to 24 points away from major support potential at
structure lows in the 2653-2639 range.
This index must hold here and bounce overnight.
Failure to do so will trigger further weakness back to 2444.
That would affect other markets tomorrow.
So long as it holds up as it should we should have a positive
day tomorrow elsewhere too.
*For global markets updates in real-time please see last link
at top-left of main page.
Shanghai Composite Index SHCOMP
A Technically Perfect Bounce
This was meant to bounce from the the big double bottom
set-up at the 2639 line. In the event it fell to 2647 before
bouncing about 1% or so.
However this index is so far still stuck below the upper
parallel of the original downwave and is therefore not out of
the woods quite yet - but it has at least bounced where it
should have done from a technical perspective.
Now has to push up through that same parallel to start
running free to the upside and to challenge the next
resistance zone at 2791-2803 range.
Whilst this index holds up above 2639 trade worries should
dissipate and help other world markets too.
Shanghai Composite Index SHCOMP 12th September 00:59 Bst
Now just 10 to 24 points away from major support potential at
structure lows in the 2653-2639 range.
This index must hold here and bounce overnight.
Failure to do so will trigger further weakness back to 2444.
That would affect other markets tomorrow.
So long as it holds up as it should we should have a positive
day tomorrow elsewhere too.
*For global markets updates in real-time please see last link
at top-left of main page.