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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.

Director, TerraSeeds Market Technician Pte Ltd. Trader, investor. @sohtionghum was picked ‘Top 70 Forex Twitter in 2015’. Operates multiple strategies.

“Dear reader, I do not have a financial license to give advice. I do not know you the reader. Your financial objective and risk tolerance may be different from mine. I am not responsible for any consequence of your action.

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