ChinaA50 - Bias for higher levels.CHN50 - Intraday - We look to Buy at 12540 (stop at 12380)
Selling pressure from 13067 resulted in all the initial daily gains being overturned. The current move lower is expected to continue. The bias is still for higher levels and we look for any dips to be limited. We, therefore, prefer to fade into the dip with a tight stop in anticipation of a move back higher.
Our profit targets will be 13005 and 13140
Resistance: 13140 / 13615 / 14200
Support: 12660 / 12075 / 11120
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