With a 6.5% decline from its April high, the Shanghai Composite ($SSEC) has been one of the weaker world indices this spring. Despite relative weakness, the index is trying to firm in a support zone that centers around the 62% retracement. Last week's high marks the first resistance level to watch. Look for a move above 2900 to forge a breakout.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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