Here is an updated daily chart of Morgan Stanley's CSI 300 index, a cap weighted index of "A" shares traded on the Shanghai and Shenhzen stock exchanges. I last commented on this index here.The index moved a bit above the 4135 resistance level, getting as high as 4168. It has since dropped to below the 3600 level.
Support is at the 4 1/8 multiple of the 807 index low made in 2005. But I think this market will probably not drop so low given its recent strength, so I am looking for a reaction low close to 3400. In any event I think the next swing will carry up to the 5 5/8 multiple of 807 which stands at 4540.
3 comments:
Carl,
Are you looking to this upswing in China to agree with the Lindsey count forecast on the US market-as so much seems to ride on what happens in Shanghai?
thanks
carl ,thanks for looking at the hina markets...best joe carl, c
Carl,
Thanks a lot for your comment on China's market. I agree with your analysis: China's 20,000 target and US 15 yr boom. This means a world market boom is ahead of us, I think!
One piece of news from China might add fire to this big picture. China's life insurance industry collected $260 billion assesst, among which, $40 billion is allocated for overseas investment for purpose of diversification. In another word, most of the $40 billion is waiting to enter US and European market.
JH
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