28 September 2011

SSEC : Watch 2320

  • Shanghai composite chart included here due to relevance to AUD + Copper.
  • Monthly : Downtrend. Triangle consolidation since the bottom in Oct08. We broke out of the triangle in Sep and looks like we will almost certainly close a 2nd consecutive month below the triangle breakout point. Next up is key support level at 2320. Right now trading at 2392. A close below 2320 (only 3% away) would be ugly.

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