CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Chart of the day - CHNComp (15.09.2021)

08:21 15 September 2021

While stocks in Europe and the United States managed to recover somewhat from last week's declines, indices from China continue to underperfom. Chinese index CHNComp took a hit following the release of the lacklustre monthly data for August from the country.

  • Retail sales: 2.5% YoY vs 7.2% YoY expected

  • Industrial production: 5.3% YoY vs 5.8% YoY expected

  • Urban investments: 8.9% YoY vs 9.2% YoY expected

While it was expected that data for August may be a bit softer due to reintroduction of pandemic restrictions in some regions as well as weaker reading of PMI indices, a massive miss in the retail sales data caught markets off guard.

Taking a look at the index from a technical point of view, we can see that CHNComp continues pullback launched after a failed attempt of breaking above the 9,500 pts resistance. Index is closing in on the support zone ranging above 8,700 pts mark and serving as the lower limit of a current trading range. Note that downtrend structure has not been broken on the index yet therefore traders should be aware of a possible downside breakout from the trading range.

Source: xStation5

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