Shanghai Class A index: Bulls losing steam
Updated
The Shanghai Class A index is showing some bearish signals at the moment.
Even then, there's still a chance to resume the daily uptrend if price marches back up above the recent 12 bar price level at 3140.86.
Ideally, we'd see a loss of bearish momentum in the next 3 bars, and then a breakout to the upside firmly closing above 3232.329 ideally, as the first precedent for higher lows.
On the other hand, to confirm bearish momentum, we'd need to see 2966.49 within the next 3 bars.
If long chinese equities, you'd consider closing partially, selling calls, moving stops in profit, to protect your profits (if any).
Sentiment has been extremely negative for equities this week, reaching a peak on Friday, so I assume a contrarian stance and expect higher highs soon, before any real correction starts.
invst.ly/1klu5 - A50 chart (looks more bullish, a close above 9657.5 might anticipate a strong 12.91% rally to 10880 in 2 weeks.
If interested in my trading signals, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year.
Cheers,
Ivan Labrie.
Even then, there's still a chance to resume the daily uptrend if price marches back up above the recent 12 bar price level at 3140.86.
Ideally, we'd see a loss of bearish momentum in the next 3 bars, and then a breakout to the upside firmly closing above 3232.329 ideally, as the first precedent for higher lows.
On the other hand, to confirm bearish momentum, we'd need to see 2966.49 within the next 3 bars.
If long chinese equities, you'd consider closing partially, selling calls, moving stops in profit, to protect your profits (if any).
Sentiment has been extremely negative for equities this week, reaching a peak on Friday, so I assume a contrarian stance and expect higher highs soon, before any real correction starts.
invst.ly/1klu5 - A50 chart (looks more bullish, a close above 9657.5 might anticipate a strong 12.91% rally to 10880 in 2 weeks.
If interested in my trading signals, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year.
Cheers,
Ivan Labrie.
Note
Bearish momentum failed to confirm. We can expect some upside here.Note
Building a mode lower, not too positive but still not confirming the decline. I'd reccomend either standing aside, or looking to short China ETFs with a wide stop.Note
Here we go, shorting USDCNH is wise now.invst.ly/1lx15
Note
Resilient here. Let's see how it evolves, might go sideways for a couple weeks.Note
Strong rally today, incredible.
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