The Chinese keep pumping futures, here's their chart using MCHI ETF which gives us a clearer picture because it accounts for currency. Big pennant, I guess we should all have seen that.... So I'm guessing next week is decision time, possibly Monday. Virus cases over 1 million, rising exponentially.... www.worldometers.info
Weekly analysis: - Huge bullish volume when price bounce off support at 60 - Volume is quite significant so far because it has only been 3 days in for this week - Nice void above. Not much resistance on the way to 2R Daily analysis: - Nice hammer like candle with decent volume (about 2 to 2.5 times the normal volume) - Nice void above same as weekly Intraday...
The MCHI China index has been plummeting due to the coronavirus outbreak, which has many Chinese cities on lockdown today. Also hard-hit by the coronavirus outbreak are shipping companies and airline companies and the crude oil producers who serve them. The odds are good that the story will get worse before it gets better. Not only are we likely to see more...