CSI 300: Bearish below 3920

A brief analysis of the fundamentals:

On Wednesday (September 21), the A-share market and the two markets bottomed out and rebounded. The CSI 300 closed down 0.17% throughout the day, with a turnover of 635.9 billion, and a net sale of 3.06 billion of northbound funds. Looking forward to the market outlook, in the short term, the pressure of the economy will still cause disturbances to the market, and the market is still in a period of turbulence. However, the economic recovery is expected to accelerate around November, the fundamentals are also expected to usher in a substantial turning point, and the market may also have a stronger performance.

CSI 300 one-hour chart

A brief technical analysis:

From the 1-hour chart, the CSI 300 rebounded again and was blocked. At present, the resistance level has moved down to around 3920. At the same time, the MACD continued to increase its volume below the zero axis, and the trend continued to be bearish.

Long and short turning point: 3920

Resistance: 3960.00 4000.00

Support: 3870.00 3830.00

Trading strategy: bullish above 3920.00, target 3960.00 4000.00  

Alternative strategy: bearish below 3920.00, target 3870.00 3830.00