Shanghai Comp SHCOMP ~ Bearish H&S Update (Feb 2024)
Updated
000001 chart mapping/analysis.Been a while since I've published any charts on TradingView - process is a pain in the a$$ tbh & procrastination crept in while lacking TA-edge on markets + other commitments..
That said, noticed Shanghai Comp chart still notching views given current environment so thought I'd give an update.
Initial TA thesis hasn't changed - bearish H&S identified in Dec 2023 completed & still in play, despite PBOC desperately throwing everything to keep their market afloat (don't fight the trend).
Chart notes:
- Cleaned up clutter from previous chart
- Added descending parallel channel for potential bounce play off lower trend-line
- Labelled 50/200 EMA death cross to signify bear market trend (weekly chart)
- Break below ~2666 = further capitulation
- Break above ~2924 (R1) = bullish trend reversal
Stay tuned whether I get back on TradingView horse & update older charts or publish new ones, cheers.
Note
Shanghai Comp catching bounce off ~2666 horizontal line (yellow, dashed).Break above ~2800 psychological level to re-test R1 resistance line, or reject for further chop then break in either direction.
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