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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...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex

DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...
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...If the dots don't connect, gather more dots until they do...




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Friday, February 16, 2018

China's Shanghai Index: Major Support & Resistance Levels

As noted on this compressed monthly chart of China's Shanghai Index (SSEC), price is currently in between major support (the apex of trendline convergence) at 3000 and major resistance (38.2% Fibonacci retracement) at 3368.

The next monthly chart also confirms 3000 as major support (confluence of price and lower edge of uptrending channel), with 3600 as a major price resistance level.

It's important for SSEC to hold above 3000, as a drop and hold below could see it tumble back down to 2500, or lower. At the moment, the momentum indicator is above zero on this timeframe, although it's been in decline since December 2016...a drop and hold below may produce such a price plunge.

February 16, 2018: Chinese New Year (Year of the Dog)