Facts
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CH50cash held support near 1230 pts, set by the 61.8 Fibonacci retracement of the autumn 2022 upward wave and reinforced by previous price reactions
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Goldman Sachs commented positively on the broader outlook for the Chinese economy. Chinese stock market had record inflows today (about $1 billion, highest in seven weeks)
- UBS analysts indicate that Chinese indices may have already reached a price bottom and are approaching a turning point during which (looking at historical bias levels) they could gain about 8%.
Recommendation
Trade: Long on CH50cash at market price
Target: 13,000, 13,200
Stop: 12,450
Opinion: Looking at the chart of CH50cash, we see that the benchmark has held a key support level set by the Fibonacci elimination of the November 2022 upward wave. Previous upward waves have also often occurred from these levels, and the support has once again proved strong. As a result, the index is gaining and has already reached two important averages SMA50 and SMA100, the breakthrough of which may result in a broader buying wave. We recommend a long position on CH50cash at the market price with two targets at 13,000 pts (where the SMA200 runs - red line) and 13,200 pts. (the level above the 38.2 Fibo retracement). We recommend setting a defensive stop loss order at the level of 12,450 points. Source: xStation5
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- XTB data
- XTB S.A. with its registered office at Prosta St. 67, 00-838 Warszawa
- A person preparing a recommendation
- Eryk Szmyd
- Other persons participating in preparation of recommendation
- A name of entity supervising
- Komisja Nadzoru Finansowego
- Date and hour of preparation of recommendation
- 9/22/2023 12:49 PM
- Date and hour of publication of recommendation
- 9/22/2023 1:04 PM
- A group of addressees of the recommendation
- XTB customers and potential customers
- Relevant information sources
- xStation5, Bloomberg
- A time horizon for the recommendation
- Till reaching target or stop loss price
- Projected date of actualization
- Unspecified
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Our recommendations, information and opinions contained herein have been compiled or gathered by XTB from reliable information agencies, however XTB shall have no responsibility or liability whatsoever in respect of any inaccuracy in or omission from this document. The forecasts are based on analysis carried out by XTB and are based On a number of assumptions that in the future may prove to be inaccurate. XTB does not provide any assurance that these projections will fulfill. The General Recommendations published by XTB do not constitute neither an investment advice in the meaning of the Act of 29 July 2005 on trading in financial instruments nor a personal recommendation eg. the recommendations do not take into account neither the investment objectives nor financial situation of the Client to whom they are presented.
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