CHN50 Selling Continues After a Pullback

2 min read
Nenad Kerkez

Nenad Kerkez

Head of Trading

Dear traders,

Chinese index A50 is strongly bearish. We could see multiple rejections after some pullbacks and the price is at the important support.

If we see a pullback towards POC1 or POC2 , a new wave of sellers will probably start a fresh wave of selling. The first POC 15170-15215 has a confluence with 50.0 fib while the POC2 15310-15350 makes a confluence with the 88.6 Fib. Additionally, there is also an inner trend line which adds for a confluence and a retest of the POC2 offers a very good R:R for swing traders too. Targets are 15008 and 14970.

The Analysis has been done with the CAMMACD.Core

Good trading,
Nenad Kerkez

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