• CHINAA50 broke key resistance level 16630.00
• Likely to rise to 17000.00

CHINAA50 index recently broke above the key resistance level 16630.00 (which reversed the previous minor impulse wave (i) at the start of November, as can be seen below). The breakout of the resistance level 16630.00 continues the active minor upward impulse sequence (iii), which belongs to the longer-term upward impulse 3 of the medium-term upward impulse wave (3) from July.

Given the prevailing uptrend – the CHINAA50 index is expected to rise further toward the next round resistance level 17000.00 (top target price for the completion of the active sequence (iii)) – intersecting with the daily up channel from September. Nearby support now stands at the aforementioned price level 16630.00.