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Aksel Kibar, CMT
I’ve been covering several Global equity benchmarks in the Global Equity Markets report. One of those extremely bullish setups is taking place in China SSE Composite Index and also the other sub-indices in China. 2021 can start with a positive note for China equities and as a result for Emerging Markets.
The chart below shows the China SSE Composite Index (larger universe for China equities). The index possibly formed a well-defined rectangle chart pattern with the upper boundary acting as resistance at 3,460 levels. Breakout can push the index towards the price objective at 3,725 levels. This week’s price action once again tested the upper boundary of the well-defined rectangle. Strong price action can be analyzed as positive and possibly a preparation for a breakout higher.
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