China50 to stall at previous resistance?CHN50 - 24h expiry
Although the bulls are in control, the stalling positive momentum indicates a turnaround is possible.
This is negative for short term sentiment and we look to set shorts at good risk/reward levels for a further correction lower.
The hourly chart technicals suggests further upside before the downtrend returns.
The bias is still for lower levels and we look for any gains to be limited.
Further downside is expected although we prefer to sell into rallies close to the 13375 level.
We look to Sell at 13320 (stop at 13399)
Our profit targets will be 13119 and 13069
Resistance: 13660 / 14440 / 15080
Support: 12790 / 12400 / 11845
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