China's Shanghai composite index opens up 0.22%

Technical Analysis

Author: Greg Michalowski | chinas-shanghai

Higher for the 3rd day

China's Shanghai composite index is trading up 0.22% at the opening at 3590.93.  the index is moving higher now and trades at 3597.04.

Looking at the daily chart the price is approaching a topside trend line at 3599. Move above that level will target the January 18 high at 3608.48. Above that is the 2021 high price at 3622.14.

Higher for the 3rd day_
Meanwhile the Hang Seng index is trading above 30,000 for the 1st time since May 2019.  Since bottoming most recently on December 22, that index is up over 15.5% (see chart below). The April 2019 high comes in at 30280.12. That is the next major target on the topside.

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