Chart of the day: CHN.cash (24.01.2024)

The rebound in the Chinese indices has continued today, with China's CHN.Cash currently gaining nearly 2% on an intraday basis. The increases are mainly the results of the unwinding of the recent dynamic declines and comments from the Chinese establishment, which announced that it intends to use around $300 billion from the foreign accounts of state-controlled listed companies to support the current difficult stock market situation. In addition to this, China is also expected to use domestic funds to buy heavily depressed stocks.

Moreover, today the PBoC governor announced his intention to cut the reserve requirement ratio (RRR) by 50 basis points on 5 February. The weighted rate before the cut was 7.40%. In effect, this will free up 1 trillion yuan in the economy.

As a result of these comments, CHN.cash rebounded sharply and has now opened up to test the resistance levels set by the 78.6% Fibo retracement of the upward wave initiated in November 2022 and the 50-day exponential moving average (blue curve). The main support level all along remains the local minimum of 22 January 2024.

Source: xStation

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