China A50 Index CFD: The uptrend remains
Medion Jim December 4, 2020 3:14 PM
China A50 Index has quiet sessions after Tuesday's rally.
On the economic front, China's Caixin Services PMI rose to 57.8 in November (56.4 expected) from 56.8 in October. Key findings included: "Substantial rise in business activity amid quickest increase in new work since April 2010 (...) Employment growth strongest since October 2010 (...) Input costs rise at sharpest pace for over a decade."
The sentiment of the China A50 Index could be affected by the global market. The movement of the U.S. market could give a hint whether the China A50 index can record a new 52-week high. Investor should await of the U.S. nonfarm payroll reports for trigger a momentum trade.
On a daily chart, the index is holding on the upside after breaking above the ascending triangle pattern. Currently, it is still trading above both 20-days and 50-day moving averages. The support level is raised to 16000, while index could expect a rise to the resistance level at 17550 and 18240.
Source: GAIN Capital, TradingView
From time to time, GAIN Capital Australia Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.
As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.