Chinese stocks break descending trend

Note: This section contains information in English only.
Source: Dukascopy Bank SA


For most of 2023, as the USA tightened their policy and set export sanctions on China, the Chinese government continued to ease its policy and weakened the Yuan and the Chinese stocks. As a result, the Chinese top 50 stock index declined in a channel down pattern. The decline has ended due to a fundamental and a technical reason.

From the fundamental side the Chinese government has strengthened the Chinese Yuan, which has caused a return to investment to China. From a technical perspective, the index continued to find support in the 12,500.00 mark and the 12,300.00/12,400.00 range, before starting a surge, which managed to break the 2023 channel down pattern and the 50 and 200-day simple moving averages. Most recently, the stocks were testing the resistance of the 13,380.00/13,520.00 zone.

A move above 13,520.00 is expected to encounter resistance in the various 2023 high level zones that have acted as support and resistance during the early part of the year.

On the other hand, a decline is set to look for support in the 13,000.00 mark and the 200-day SMA, the 50-day SMA near 12,700.00, before reaching the 12,300.00/12,400.00 range.
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