Strawberry Blonde's Market Summary: China's Shanghai Index: Major Support & Resistance Levels

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Friday, February 16, 2018

China's Shanghai Index: Major Support & Resistance Levels

As noted on this compressed monthly chart of China's Shanghai Index (SSEC), price is currently in between major support (the apex of trendline convergence) at 3000 and major resistance (38.2% Fibonacci retracement) at 3368.

The next monthly chart also confirms 3000 as major support (confluence of price and lower edge of uptrending channel), with 3600 as a major price resistance level.

It's important for SSEC to hold above 3000, as a drop and hold below could see it tumble back down to 2500, or lower. At the moment, the momentum indicator is above zero on this timeframe, although it's been in decline since December 2016...a drop and hold below may produce such a price plunge.