Shanghai Class A index: Bulls losing steamThe 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 - 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.
