China’s CSI 300 Index is Glowing

May 14th 2024 –  The pricing on China’s CSI 300 index is now exhibiting a significant positive short-term trend reports Trend Intelligence, as the index has risen around 17% from its February 2024 low, and now trades at close to 3,660 points.

Trend’s Analysis (click chart to expand): Trend’s R* Momentum Indicator creates a clear visual representation of price trends in play across asset classes and financial instruments. In our CSI 300 chart, Trend Intelligence reports positively trending R* and R* Signal lines, with both indicators now trending up above the critical zero line.  This is, and has shown over time to be, a positive trend signal.

In addition to the R* indicator, price currently trades above all 3 of Trend’s moving averages, and above our Japanese Cloud indicator. The derived Delay Line (pink) is also above our Japanese Cloud.

The combination of these signals corroborates Trend’s positive short-term trend rating on the CSI 300 looking positive for the future weeks ahead.

Downside Sentiment: Chinese regulators have stopped  the release of foreign investor’s dealings and high-frequency market data as a measure to stem volatility and reduce market speculation. Fund managers are now required to stop showing live estimates of the net asset values of some of their mutual funds. The termination of live data on foreign trades is expected to increase challenges for quantitative funds in developing or refining their algorithmic trading strategies, reports the Financial Times.

Upside Sentiment: China’s stock rebound may have room to run based on a number of underlying positives including technical indicators, fund flows and the broader earnings outlook. The rally in the benchmark CSI 300 Index from its February low has seen it climb above several key resistance levels, while overseas investors start to return to the nation’s stocks, reports Bloomberg.

Authored by: Trend Intelligence, London

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