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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). Still good support around the
200-day Moving Average on Tuesday but basically more of the same with a good
Slow Stochastic signal for the latest little dip with the MACD still good to
the upside for the intermediate trend signal. The Slow Stochastic is good an
indicating the very short term trends and the MACD the intermediate trends.
Watch the fast line on the MACD as it is starting to come down for a possible
cross. This would tip the daily chart more bearish. The 200-day Moving Average is
still acting as a pull for this market and the price action is hanging around
that level. 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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