CHINA 50 Key Support Still Holding

Looks like a double bottom forming at 16900. Price seems to be trading sideways in a narrow range between 16800 – 17800. At these levels, the Chinese index looks more attractive in terms of risk and reward. I’ll look to buy between 16400 – 16900. On last friday, we saw a lot of volatility, especially with the Chinese tech stocks selling off hard. We dippe below 16800 for a few hours but there was no follow through. We eventually saw buyers jumping back in pushing the index to end with an impresssive 2.53% on the day. This week will be curial to see wheather a bullish reversal will materialize. On the other hand, price could see continued selling pressure this week. Nevetheless, 16800 is the main level to keep an eye on right now.

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CHINA A50 Double Bottom by EmpowerTrader on TradingView.com

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