2850 next level for Shanghai Composite SSEC

I discussed the fight for Shanghai Composite between a 7-year historical level and a 7-month trend line previously. This was the chart we looked at last week.

Shanghai Composite weekly chart 2009 - present

Shanghai Composite weekly chart 2009 – 06 January 2016 | Source: Investing.com

I wrote:

I still think that there are more losses – this was reinforced by Monday’s market breaking action. I don’t have high opinion of trend lines – horizontal levels are more reliable – so I think this trend line will break. That low of 2850 (August 2015, ‘x’ marks the spot) should be tested as well and it is a more interesting level.

 

So here we are.

Shanghai Composite Monthly chart

Shanghai Composite Monthly chart 2007 – 15 Jan 2016 | Source: Investing.com

In my opinion, 2850 is now inevitable.

The following two tabs change content below.
Soh Tiong Hum is Director of TerraSeeds Market Technician Pte Ltd. TerraSeeds is a trading educator in Singapore since 2005.   Soh's Twitter account @sohtionghum was ranked #23 out of The Top 70 Twitter Accounts To Follow In 2015 by MahiFX.   Disclaimer notice: "I do not have a financial advisor's license. I am not qualified by any regulator to give financial advice. I do not know you the reader. Your investment means and motive may be different from me. My posts here are based on observations and meant for education. I am not responsible for for any consequence from your actions."
Loading Facebook Comments ...

Leave a Reply