CSI 300: 4016-4060 shocks

A brief analysis of the fundamentals:

On Thursday (September 8), the major A-share indexes fell together. The CSI 300 index fluctuated within a narrow range in early trading, and continued to decline in the afternoon. It closed down 0.33% throughout the day, with a turnover of 788 billion, and a net sale of 86 million of northbound funds. Net sales for the 6th day in a row. Looking ahead, the market will be affected by factors such as policy forecast correction, profit forecast correction, gradual overseas recession, institutional position adjustment and other factors after the boots of the earnings report season. Pushed up by external forces, it is difficult for the index to rise in the short term.

CSI 300 one-hour chart

A brief technical analysis:

From the 1-hour chart, the rebound of CSI 300 is blocked, and the resistance level of 4060 is obviously suppressed. The MACD can continue to shrink below the zero axis, indicating that the market may enter the selected direction. At present, the short-term support is still at 4016, and the upper resistance is at 4060. range-bound volatility

Long and short turning point: 4016

Resistance: 4060.00 4120.00

Support level: 4016.00 3980.00

Trading strategy: bullish above 4016.00, target 4080.00 4150.00  

Alternative strategy: bearish below 4016.00, target 3980.00 3930.00