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China and Hongkong
No good supports nearby but market is cheap
21st May: The index
failed support on the one year chart, below. Fair support can be found
on the log chart. The PE chart shows that the index is cheap by
historical standards. I don't expect the market to fall precipitously.
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Charts current to 18th May,
except where otherwise indicated
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Top target reached. No clear
supports on this chart.
Possible
support around 18,000 on this chart, then 15,500 or thereabouts.
Struggled
at the green resistance. A fall back to previous low would not surprise.
Big top scenario. I would not expect a failure of
support at 34.5.
A retest of previous lows and a
second bottom would not surprise.
Support in orange.
Support at 80. Volume during the
recent rally was not encouraging. Quite likely this stock will drift in
its range.
PE Chart below current to 30th April.
PE of 11 gives
plenty of room for the index to rally.
Source: hsi.com.
Source: hsi.com.
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