China A50 index tests resistance zone

Source: Dukascopy Bank SA


Since the low level was booked in the middle of March, the Chinese top 50 stock index has been testing the resistance of the 13,940.00/14,140.00 zone. On April 14, the 50-day simple moving average was approaching the resistance zone from above. In the meantime, the higher low levels, which have been acting as support are marked at 13,200.00 and 13,500.00.

If the index surges, it would have to pass above the 13,940.00/14,140.00 zone and the 50-day simple moving average near 14,200.00. Higher above, take into account the 2019 high and 2021 low level at 14,615.00. This level is highly likely going to have an impact.

However, a potential decline of the is expected to look for support in the 13,500.00 and 13,200.00 zone, before approaching the March low level at 12,400.00. Meanwhile, take into account that the 13,000.00 level might act as support.
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