China's Shanghai Index Remains Trapped

By Candy Matheson of Strawberry Blonde's Market Summary

Blogger & Retired Russell 2000 E-mini Futures Day Trader • Apr 10, 2018 at 3:47 AM EDT

China's Shanghai Index remains firmly ensconced in a large sideways consolidation zone in between major resistance at 3368 and major support at 3000.

China's Shanghai Index remains firmly ensconced in a large sideways consolidation zone in between major resistance at 3368 and major support at 3000, as shown on the following monthly, weekly and daily charts.

The momentum indicator is below zero on the monthly and weekly timeframes, and is just above it on the daily. In the short term, watch for a hold above zero on any rally that may continue from tonight's action following on from President Xi's speech to the BOAO Forum for Asia which finished a short time ago.

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Asian markets are currently up...we'll see how they close later on Tuesday.

(Click on image to enlarge)

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