China A50 Index recovers in channel

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


Since the start of September, the China A50 index has been recovering from the 2021 low level at 14,615.00 in an ascending channel pattern. Most recently, on December 9, the index reached the resistance of the 200-day simple moving average. During the first part of the year, despite being pierced three times, the moving average managed to provide support.

If the index reaches above the 200-day simple moving average, resistance would be most likely provided by the upper trend line of the channel up pattern. Meanwhile, note that round price levels could provide resistance to a potential surge.

On the other hand, a decline of China A50 would highly likely look for support in the 50-day simple moving average near 15,700.00. Below the SMA, the lower trend line of the channel up pattern is set to stop a decline.
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Thu, 09 Dec 2021 10:47:34 GMT

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