ChartArt

Chinese stock market support levels are near

INDEX:XGY0   Shanghai Class A Index
257 6 1
a year ago
Here is a optimistic view of the market. There are many potential prices this market could soon bounce off for some time or even bottom on - ideally the oil             price also reaches a bottom around the same time.

Support levels:
  • 2949
  • 2912
  • 2888
  • 2849
  • 2806

Interestingly the RSI with period 20 has right now a value of exactly 50.05, which also means a neutral trend. Current monthly price as shown by Tradingview is 3075 points.

Conclusion: If the Chinese stock market stays above 2800 points there is a potential bottom and the market is a buy. But if it falls even below 2800 points it could fall much lower. In that case I'm going to a new analysis.

P.S. A log-scaled daily chart

snapshot

these support levels had influence in 2007 and 2008

snapshot
a year ago
Comment: With only one day counted into the new month calculation (close of March 1st, 2016) - the month of March is now starting to look bullish for China:

snapshot
11 months ago
Comment: One month later. Bespoke Investment Group writes in their blog:

"Even China is Rallying!" (March 21, 2016)
https://www.bespokepremium.com/think-big-blog/even-china-is-rallying/
ChartArt
a year ago
P.S. The close price today of the Shanghai Composite was 2749.79 points. The charts above are the Shanghai Class A index.
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ChartArt
a year ago
The trend is still above the middle of this regression trend:

snapshot
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ChartArt ChartArt
a year ago
When drawing a parallel channel with the lows of close prices it's above the middle of this channel:

snapshot
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ChartArt
a year ago
The Shanghai Class A index is as of February 3, 2016 both above the 200 week moving average and above the 50 month moving average:

snapshot


snapshot
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Qiuness
a year ago
Is the last chart with the small buy/sell signals from the script you posted?
Reply
ChartArt Qiuness
a year ago
Yes, it's directly from my script which you can get here:

Stock Market Trend Analysis Trading System 101 (by ChartArt)
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