• CHINA A50 index reversed from key support level 16570.00
• Likely to rise to resistance level 17200.00
CHINA A50 index recently reversed up from the key support level 16570.00 (which has been reversing the price from the middle of December) standing near the lower daily Bollinger Band. The upward reversal from the support level 16570.00 started the active short-term correction (b) – which belongs to the sharp intermediate downward impulse sequence (C) from the end of May.
Given the predominant uptrend and the improved sentiment as seen across the equity markets today CHINA A50 index can be expected to rise further toward the next resistance level 17200.00 (top of the previous minor correction (b) from the start of July).
