Chinese stock market support levels are near

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Here is a optimistic view of the market. There are many potential prices this market could soon bounce off for some time or even bottom on - ideally the oil price also reaches a bottom around the same time.

Support levels:
  • 2949
  • 2912
  • 2888
  • 2849
  • 2806


Interestingly the RSI with period 20 has right now a value of exactly 50.05, which also means a neutral trend. Current monthly price as shown by Tradingview is 3075 points.

Conclusion: If the Chinese stock market stays above 2800 points there is a potential bottom and the market is a buy. But if it falls even below 2800 points it could fall much lower. In that case I'm going to a new analysis.

P.S. A log-scaled daily chart

syot kilat

these support levels had influence in 2007 and 2008

syot kilat
Nota
With only one day counted into the new month calculation (close of March 1st, 2016) - the month of March is now starting to look bullish for China:

syot kilat
Nota
One month later. Bespoke Investment Group writes in their blog:

"Even China is Rallying!" (March 21, 2016)
bespokepremium.com/think-big-blog/even-china-is-rallying/
support

Penafian