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China and Hongkong

Index and stocks bottom - good chance of market rally


 

30th January:  More of the same from last week: The index and many stock charts have made small bottoms. There is now a good chance that the index has bottomed and a medium term bull is in progress. What we need to see now is a consistent increase of daily turnover for the index. HK$100 billion per day or more would be desirable.
   


 

Google

Charts current to 27th January, except where otherwise indicated

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The index breaks a bottom in green and resistance in orange. Target around 24,000. (See next chart.)

Small bottom in green with rising volume gives target of around 24,000 with resistance around 22,000.

Weekly bottom points to around 23,000. Resistance slightly below.


Bottom in green, but resistance at 106 in orange.

Breakout in pink. But volume needed, as shown in green.

The long term, orange channel, is still bearish. The top is doubtful.
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Bottom points to 53 but resistance at 48 is strong.

Bottom breakout on fairly good volume.

PE Chart below current to 30th December.
PE of 9 is pretty close to the historical low.
Source: hsi.com.
Charts below current to 28th October.
Possible channel in orange.
Charts below current to 7th October.
Very good support from now to 15,000. I would not expect this support to fail.

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