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Reuters SHANGHAI COMPOSITE Technical Analysis – By Phil
Smith |
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Daily Charts |
Weekly Charts |
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Near term (daily chart). Sideways on Monday given the
high correlation with Wall Street. This latest decline after the market went back
up to find resistance at the neckline of the topping pattern which to my mind
confirms the pattern. MACD still pointing
aggressively lower. As I’ve said before the Fan
line break did seem to set us up for a move down and we have formed quite a
nice head and shoulders top which is similar to some other markets around There is a bearish feeling to
this chart and the weekly is worth close study. See the weekly analysis. In terms of the S&P 500. As
per the last chart you can see the correlation has turned high again and the See the glossary link
above for an explanation of the studies used above. |
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Reuters Market Technicals By |
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