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CSI 300: Bearish below 4365
2022-07-11
1147
A brief analysis of the fundamentals:
On Monday (July 11), the three major stock indexes fluctuated and closed down throughout the day. The turnover of the two cities was 1.01 trillion yuan, which continued to shrink, but it was still above one trillion. The net outflow of northbound funds was 1.068 billion. As of the close, the CSI 300 closed down. 1.67%. It broke down and fell today. First, the resurgence of local epidemics in China has impacted market confidence from a fundamental point of view. The second is that the liquidity of the money market has converged, which affects the long-term momentum of A-shares from the perspective of capital. The third is that the US non-farm payrolls in June greatly exceeded expectations, strengthening the Fed's determination to raise interest rates, and the subsequent A-shares may deduce a shock pattern.
CSI 300 one-hour chart
A brief technical analysis:
Looking at the 1-hour chart, the CSI 300 fell directly below the two key support points of 4385 and 4365, and the short-term trend began to turn weak. The previous resistance has turned into support, and it is bearish below 4365 within days, targeting 4280-4200
Long-short turning point: 4365
Resistance: 4450.00 4520.00
Support: 4365.00 4280.00
Trading strategy: bearish below 4365.00, target 4280.00 4200.00
Alternative strategy: bullish above 4365.00, target 4450.00 4520.00
The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.
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