Shanghai market was hammered 4 days in a row. It would have been 5 days in a row if not for public holiday on 9 Jun 08.
The market closed at 2868 points, down 461 points for the week.
The phase chart showed that the index moved into “Bearish” mode on 10 Mar 08 and the market has been facing selling pressure ever since.
The rebound from the 22 Apr 08 low of 2990 faced a big resistance at the 50 day moving average and the index has now fallen below critical support.
The market has stayed in Bearish mode for about 99 trading days. With the Dow rising 165 points on Friday, Shanghai market should see buyers on Monday. But the trend is still favouring the Bears.
The market closed at 2868 points, down 461 points for the week.
The phase chart showed that the index moved into “Bearish” mode on 10 Mar 08 and the market has been facing selling pressure ever since.
The rebound from the 22 Apr 08 low of 2990 faced a big resistance at the 50 day moving average and the index has now fallen below critical support.
The market has stayed in Bearish mode for about 99 trading days. With the Dow rising 165 points on Friday, Shanghai market should see buyers on Monday. But the trend is still favouring the Bears.
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