joefridayshanghaideclinejune19CLICK ON CHART TO ENLARGE

Joe Friday Just The Facts… The Shanghai index has had a rough week, down 13.32%. This was the 8th worst weekly decline in the past 25-years.

Any reasons this could be happening? Below looks at the Shanghai index over the past 20 years

shagnahi52weekrateofchangeatresistancejune19CLICK ON CHART TO ENLARGE

Over the past 52 weeks, the Shanghai index was over over 130%. This huge gain was only surpassed by the rally into the 2007 top. The Shanghai index met dual resistance this week, one of them was at the top of a 20-year channel and a resistance line drawn off key lows in 2006 and 2009.

Could this weakness spill over into markets in Europe and the States? This could be important as markets in Germany, London and France are breaking key support lines. See breakdowns in Europe HERE

 

 

We Keep You Informed & Confident with Big Picture Chart Patterns & Alerts on Major Market Turning Points

and identify assets that have reached extreme support and resistance levels
and monitor hundreds of assets for breakouts & reversals for you
and identify high probability entry and exists points for you
all from one of America’s Top Chart technicians