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China and Hongkong
21,000 resistance still holding
8th March: The index turned on the
21,000 level, so our bearish scenario is still in tact. A close at, say,
21,500 would be sufficient to shrug off the bearish scenario and give consideration
to a bullish continuation. However, we would still have to consider a double
top unless the index passed the previous recent high of around 23,000.
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Charts current to 5th March,
except where otherwise indicated
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Still in a range, which supports the head and shoulders top scenario in pink.
Source: hsi.com.
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Bullish double bottom breakout and pullback.
The regression line in blue marks the center of a clear channel showing a steady increase in value since the mid 80's.
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