FTSE China A50 index intraday: the upside prevails as long as 16445 is support

Trading Central 2020-11-20 04:43:05

Our pivot point stands at 16445.00.

Our preference: the upside prevails as long as 16445 is support.

Alternative scenario: the downside breakout of 16445 would call for 16335 and 16272.50.

Comment: the RSI is trading above 70. This could mean that either prices are in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. FTSE China A50 index is trading above both its 20 and 50 period MA (respectively at 16425.95 and 16328.10).

Supports and resistances:

16852.50 **

16787.50 *

16722.50 **

16660.00

16529.65 last

16487.50

16445.00 **

Disclaimer
The trading strategy containing reference trading prices and analysis opinions is provided by the third-party provider Trading Central.And the trading strategy is only the personal research and judgment by analysts,which is not a statement of facts.No representation or warranty is given as to the accuracy or completeness of this strategy. Consequently any person acting on it does so entirely at their own risk. TOP1 accepts no responsibility for any use that may be made of these comments and for any consequences that result.

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