Poor China PMI figures below 50 this week warns of a further slow down in China. Seasonally, we are entering a weak period with a low expected in late June around 1850, a slide of 12% into the summer lows.
China has been weak for 5 years since the recovery to 3400 in 2009 after the slump in 2008 to 1725. The Shanghai Composite fell 70% in 2008 from the October 2007 high of 6000.
Bulls we need to see a weekly close above 2175 for any move up to 2250.
Bears first target is 2075, then 2000.
China has been weak for 5 years since the recovery to 3400 in 2009 after the slump in 2008 to 1725. The Shanghai Composite fell 70% in 2008 from the October 2007 high of 6000.
Bulls we need to see a weekly close above 2175 for any move up to 2250.
Bears first target is 2075, then 2000.
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