Opportunity in China?
No one wants to invest in China now, due to various reasons. But if we inspect the chart of the CSI300, we can see that the price is sitting at a major support here.
1. support resistance neckline
2. confluence with 618 retracement of the up move
3. potential right shoulder of a (potential) massive reverse head and shoulder
4. MACD on the daily and weekly also showing a higher high, indicating diminishing downward momentum, but of course it's still below zero. (not a big user of MACD, but just want to point out)
CSI300 is a China onshore A shares index, but multiple other Chinese index should be displaying similar pattern...As US equities are overheated and retail have FOMO ed in while big players and experienced traders have been trimmed their positions, what if some of them look for bargains in China? Personally I am long China, sort of neutral in US, shorting stuff like Tsla (trading the retracement and holding some crypto related stuff long term. Just thought many people are not paying attention in China, but still, major catalyst gonna be needed.
1. support resistance neckline
2. confluence with 618 retracement of the up move
3. potential right shoulder of a (potential) massive reverse head and shoulder
4. MACD on the daily and weekly also showing a higher high, indicating diminishing downward momentum, but of course it's still below zero. (not a big user of MACD, but just want to point out)
CSI300 is a China onshore A shares index, but multiple other Chinese index should be displaying similar pattern...As US equities are overheated and retail have FOMO ed in while big players and experienced traders have been trimmed their positions, what if some of them look for bargains in China? Personally I am long China, sort of neutral in US, shorting stuff like Tsla (trading the retracement and holding some crypto related stuff long term. Just thought many people are not paying attention in China, but still, major catalyst gonna be needed.
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