Important buying level for Alibaba - 9988
Yes, it is sad to see what a nice rally for the China an Hang Seng market only to see it tumbling back down day by day , week after week despite the recent 10 trillion measures to curb the local government debts and property market.
Apparently , many analysts feel the CCP has not release sufficient stimulus to shore up the market and the tech stocks , very much undervalued compared to its counterparts in US are still being sold down.
I will be watching this level closely as we are coming to the end of 2024 and the CCP is running out of time to hit its 5% GDP target and failure to shore up the consumer confidence, the stock market will remain sideways or slowly come down ..........
On one hand, I am thinking the efforts and face saving of the Chinese government, will they give up half way now that the whole world is looking at them? Plus, President Trump has only 4 years to run and knowing he would not be re-elected thereafter, he is going to go all out to save America and create history for himself.
CCP is now in a desperate situation much like the ants in a frying pan , it has to think of creative ways to boost the market or risk losing the confidence of its people, international investors further away........
Apparently , many analysts feel the CCP has not release sufficient stimulus to shore up the market and the tech stocks , very much undervalued compared to its counterparts in US are still being sold down.
I will be watching this level closely as we are coming to the end of 2024 and the CCP is running out of time to hit its 5% GDP target and failure to shore up the consumer confidence, the stock market will remain sideways or slowly come down ..........
On one hand, I am thinking the efforts and face saving of the Chinese government, will they give up half way now that the whole world is looking at them? Plus, President Trump has only 4 years to run and knowing he would not be re-elected thereafter, he is going to go all out to save America and create history for himself.
CCP is now in a desperate situation much like the ants in a frying pan , it has to think of creative ways to boost the market or risk losing the confidence of its people, international investors further away........
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.