The Shanghai Index developed a double bottom-style consolidation near 3,180. This was around 45 index points above the value of the trend line which is expected to act as a support feature. Even if the current consolidation is unsuccessful and is followed by a further retreat, there is confidence that the trend line will provide support for another rebound.This uptrend potential is confirmed with analysis using other technical tools such as the Guppy Multiple Moving Average indicator.
The trend weakness strategy is also applied to the oil chart, but here the working assumption is that there will be an economic recovery from Covid-19 sooner rather than later. Entry is based on economic weakness rather than technical chart features. A continued move above the trend line and a move above the resistance level near US$41 gives an upside target near US$51. This target is calculated by applying the historical behaviour of oil to the current chart. Historically oil tends to move between support and resistance bands that are around US$10 apart.
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