CHINA A50 Death Cross to push it lower but buy opportunity lurks

6 setThe China A50 index (CN50) completed yesterday a 1D Death Cross following a convincing rejection on the 1D MA200 (orange trend-line) and that should extend the Channel Down to a new Lower Low.

Technically it appears to far to be in good symmetry with the Falling Wedge's previous Bearish Leg, that found a temporary bottom after a -14.76% decline and rebounded to the 0.618 Fibonacci retracement level.

As a result, despite the current weakness, we expect this last push to stop around 11100 - 11000 and then rebound to 12100 (0.618 Fib).

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