ChiNext Composite the outperformer

Just over a month ago, we wrote that the index of all shares listed on the Growth Enterprise Board, the ChiNext, had broken up out of a small symmetrical triangle, and should rally to retracement resistance at 2155. It’s got there and more, up 7.6 per cent since the beginning of this year, outpacing other Chinese stock indices. Investor interest is clear, average daily volumes doubling since the early December low point, yet observed volatility low by historical standards. We’re now hovering just under 61 per cent Fibonacci resistance, and it’s overbought on the Relative Strength Index indicator, so expect some hesitation here. Then on up again to final Fibonacci retracement resistance around 2550-2580.

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Posted in Finance, Markets, STA charts, Technical Analysis Courses, Trading
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About Nicole Elliott

Nicole Elliott

A graduate of the London School of Economics and Political Science (BSc Social Psychology) Nicole Elliott has worked in banks in the City of London for the last 30 years. Whether in sales, trading or forecasting technical analysis has always been the bedrock of her thinking. Key expertise lies within all areas of treasury: foreign exchange, money markets, fixed income and commodities.

She has also added to the body of knowledge of the industry writing the first western book on Ichimoku Cloud Charts. Strong media links and a cult following are due to her prescient calls on the markets and often entertaining format.

Nicole can be contacted at

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