Everyone talking about $China lately due. What is going? Let’s see Ichimoku says! With the US/China Presidential meeting, everyone is talking about the Chinese stock market. Let’s take a look at the charts with Ichimoku to determine what is going on now and will the forecast looks like….
Below is the zoomed out Weekly chart provided by eSignal for the Chinese Stock Market $000002-SHG. After the bearish trend in 2015, the market has settled down and slowly going up. Late Feb 2017, the market changed to a bullish sentiment after a long time. However, price has not had the momentum to follow through.
Below is the zoomed in chart for the weekly time frame. It shows the major resistance where price is consolidating is 3417 and support of 3309.
Below is the daily chart: It clearly shows the consolidation pattern .
Below is the $FXI, the China ETF. It is the weekly chart provided by TradingView. It shows the sentiment is bullish but price is consolidating.
Both instruments indicate the Chinese stock market is bullish. However, it is not trending yet. both instruments are at the major resistance but haven’t broken it yet.
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