Chinese CHNComp index has been trading in a steep upward move since late-December 2020. The index is trading over 10% higher year-to-date and has approached a long-term resistance level. The 11,900 pts area is marked with 2019 peak and has been and acted as an important support in 2017 and 2018. Improved moods on the global stock markets can be ascribed to yesterday's testimony of Treasury Secretary nominee and former Fed Chair, Janet Yellen. Yellen said that Biden does not plan to lift taxes during his presidency and has stressed that China remains an important, strategic partner for the United States.
CHNComp has approached 2019 peaks in the 11,900 pts area after Janet Yellen struck an upbeat tone on US-China relations and taxes. Source: xStation5
