FTSE China A50 index intraday: the RSI is oversold

CHINA50

Trading Central 2021-02-23 04:58:19

Our pivot point is at 19227.50.

Our preference: the downside prevails as long as 19227.50 is resistance.

Alternative scenario: the upside breakout of 19227.50, would call for 19320 and 19375.

Comment: the RSI is below 30. It could either mean that prices are in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. FTSE China A50 index stands below its 20 and 50 period moving average (respectively at 19641.90 and 19845.74).

Supports and resistances:

19375.00 **

19320.00 *

19227.50 **

19190.00

19154.47 last

19042.50

18987.50 **

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