China’s Shanghai Index Remains Trapped

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China’s Shanghai Index remains firmly ensconced in a large sideways consolidation zone in between major resistance at 3368 and major support at 3000, as shown on the following monthlyweekly and daily charts.

The momentum indicator is below zero on the monthly and weekly timeframes, and is just above it on the daily. In the short term, watch for a hold above zero on any rally that may continue from tonight’s action following on from President Xi’s speech to the BOAO Forum for Asia which finished a short time ago.

Asian markets are currently up…we’ll see how they close later on Tuesday.