Shanghai Market In Bullish Mode

Shanghai stock index is showing strength as it clears the 3000 resistance level. This break brings the upside to 3100 which is very near it’s closing on Friday.

Support appears to be at 2940. The phase chart shows clearly that the uptrend is still intact. Although the index moved into “Distribution” territory in late January 2011, the index managed to recover quickly and made its way back to “Bullish” phase. The phase chart has been in “Bullish” phase since 10 Feb 2011.