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Shanghai and Shenzhen 300: support moves up to 4170

2023-01-20
401
Brief analysis of fundamentals:

On Friday (November 20), the last trading day of this week, A-shares closed up across the board. The Shanghai and Shenzhen 300 opened higher and continued to rise in the afternoon, and finally closed up 0.76%. Shares fell, and the turnover was 749.1 billion yuan higher than yesterday. The Shanghai Stock Exchange Index fell 2.88% for the whole year, the Shenzhen Component Index fell 10.11%, and the ChiNext Index fell 11.1%. Looking forward to the market outlook, as the liquidity environment becomes more abundant, the approaching window period of superimposed annual report performance forecast will promote the improvement of profit expectations, and the New Year's Eve market is entering the second stage driven by profit expectations. The policy is expected to go further, and the market is expected to gradually enter the third stage of the New Year's Eve market.

CSI 300 one-hour chart




Brief technical analysis:

According to the 1-hour chart, the CSI 300 further strengthened above the high of 4128, once breaking through the previous high of 4185. At the same time, the MACD maintained a relatively even heavy volume on the zero axis. The current support has moved up around 4170, and the target is 4250-4300.

Long and short turning point: 4170

Resistance level: 4200.00 4250.00
Support level: 4170.00 4128.00

Trading strategy: Bullish above 4170, target 4250.00 4300.00
Alternative strategy: bearish below 4170, target 4128.00 4080.00

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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