China50 finds support after posting double bottom CHN50 - Intraday - We look to Buy at 13545 (stop at 13430)
Although the bulls are in control, the stalling positive momentum indicates a turnaround is possible. A lower correction is expected. The 50-day moving average should provide support at 13580. We look to buy dips. Although the anticipated move higher is corrective, it does offer ample risk/reward today.
Our profit targets will be 13880 and 14470
Resistance: 13710 / 14470 / 15155
Support: 12950 / 12270 / 11485
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