Sometimes simple is best. And we may have found a simple setup on the China A50 index.
Sure, the daily chart remains within a downtrend, but it shows the potential to extend its countertrend move higher by at least one more leg in our view.
The index saw a decent rally from the 11,600 area before retracing 50%. A 3-bar bullish reversal pattern has formed (morning star) after two failed attempts to close the day beneath 12,000.
RSI (14) has broken its own bearish trendline and formed a higher low ahead of prices action. If momentum really does lead price, can prices now follow?
Assuming the overnight risk-on rally continues, we could be looking for a move to 12,500 (particularly if China data surprises to the upside today).
Sure, the daily chart remains within a downtrend, but it shows the potential to extend its countertrend move higher by at least one more leg in our view.
The index saw a decent rally from the 11,600 area before retracing 50%. A 3-bar bullish reversal pattern has formed (morning star) after two failed attempts to close the day beneath 12,000.
RSI (14) has broken its own bearish trendline and formed a higher low ahead of prices action. If momentum really does lead price, can prices now follow?
Assuming the overnight risk-on rally continues, we could be looking for a move to 12,500 (particularly if China data surprises to the upside today).
İşlem kapandı: durdurma seviyesi
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.