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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
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Monday, June 04, 2012

Shanghai Stock Index at Critical Support

The Daily chart below of the Shanghai Stock Index shows that price closed on Monday just above a major (and recent) support level of 2300. It is trading below both the 50 and 200 smas, which may or may not cross to form a bullish "Golden Cross." However, in the meantime, the RSI, MACD, and Stochastics indicators have hooked down again on increasing downside momentum.

A break with conviction below 2300 could send this index down to the next support level of 2250, and subsequently 2150...one worth watching overnight to see where it closes on Tuesday and for the days/weeks ahead to gauge its influence (if any) on price action on the U.S. Major Indices.