jangseohee

Shanghai Composite Index, double breakout!

INDEX:XGY0   Shanghai Class A Index
751 5 4
Other then the US stock market , i believe the next eye-catching index will be this Shanghai Composite             Index
In July 2014, price broke up of this mini-triangle and then in Nov 2014, a 2nd breakout of the bigger triangle
I am pretty surprise that with economy slowing down, there is still much bullishness about it.
As price is really too far away from 8ema, i would speculate that there is a resistance zone around 3436-3584. And if Jan 2015 candle turns out to be a DOJI , there is a higher chances of reversal though not ruling out the possibility that price would continue to propel upwards to hit the upper trendline