Chinese stocks decline below 13,500.00

Source: Dukascopy Bank SA


At the start of July, the Chinese top 50 stock index bounced off the resistance zone, which surrounds the 15,000.00 mark. During the second half of the month, the pair was finding support near 14,000.00. However, as the month ended, the index declined to 13,500.00. On August 2, the index reached below the round price level.

A continuation of the Chinese stock decline might look for support at various levels. Note the 13,000.00 mark, the April and May low level zone at 12,720.00/12,665.00 and the 12,400.00 mark.

On the other hand, a recovery of the Chinese stock market is expected to result in a test of the resistance zone near 14,000.00 and the 14,500.00 mark, which is strengthened by the 200-day simple moving average.
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