Barton's Global Market Trends

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China and Hongkong

26th July: Last week's comment applies: The index is still in a range. Some positive moves for individual stocks. But there are strong resistances to contend with.

Top in green points to 1,800.

Breakout from orange and green resistances is bullish.

Rally to resistance. Still a bear trend.

Bullish breakout from green resistance. But resistance is strong at the current level.

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Rally to grey resistance is still bearish.

Nice long term growth averaging 21% per year for the past 10 years.

Good long term growth.

Chart below current to 2nd July.
The regression line in blue marks the center of a clear channel showing a steady increase in value since the mid 80's and 8% average annual growth over the last 23 years.

Average annual growth of 16% over the last five years. Support in orange at 2,400.

P/E chart current to 30th June.
PE at around 15 is not excessive.
Source: hsi.com.

Chart below current to 25th June.
A tough resistance in orange, although broken a few years ago. The question is now, will the market rally to new highs or resume the 20 year channel trend? If the latter, expect a top at the current level. Best to wait and see.

China and Hongkong

Hang Sang still in a range