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In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the China A50 for OCT 24, 2024.
Key Takeaways
Recovery of sentiment: Looking ahead to the short- and medium-term trends of the A-share market, the latest survey results show that 58.62% of private equity institutions believe that the trend of the A-share market has reversed and will rise further; 32.18% of private equity institutions said that the market is expected to start a long-term intermediate rebound; 9.2% of private equity institutions expect that the market may further adjust to find the long-term “bottom”.
Monetary policy support: The monetary policy easing cycle of the People’s Bank of China has just started, and the stimulus policy of the Ministry of Finance will also provide the market with forward-looking execution. Overall, China’s risk-free interest rate is declining, long-term funds are entering the market in an orderly manner, and the policy of stabilizing growth is fully liberalized, which is still very attractive to domestic and foreign investors.
Technical Analysis
Daily Chart Insights
(China A50 Index Daily Price Chart, Source: Ultima Markets MT4)
(China A50 Index Daily Price Chart, Source: Ultima Markets MT4)
Stochastic oscillator: The indicator sends a long signal in the oversold area, suggesting that the market price is facing a reversal upward at any time. It is worth noting that the speed of the fast line rise has slowed down. It is not easy to go long before the market price breaks through the resistance. Be wary of the bottom divergence pattern.
Support price: A50 has a certain probability of correction after the crazy rise, and the adjustment target is the 61.8% Fibonacci retracement level, which is also near the key 850-day long-term trend line. The market price rebounded as expected, but it cannot be identified as a reversal for the time being. It needs to stand above 14024 at least before it is worth paying attention to the right trading opportunity.
1-hour Chart Analysis
(China A50 Index H1 Price Chart, Source: Ultima Markets MT4)
(China A50 Index H1 Price Chart, Source: Ultima Markets MT4)
Stochastic oscillator: The fast and slow lines slow down after entering the oversold area, and a long signal is about to be issued. The indicator based on the daily cycle has clearly signaled an increase, so if the hourly cycle sends an increase signal again, it is worth paying attention to the left entry opportunity.
MA support: Although the red 33-period MA crosses the black 65-period MA, the overall short-term MA group is still below the dotted 200-period MA, and the rebound strength of the FTSE A50 Index is still weak. If the MA cannot effectively support the market price, then look to the Fibonacci proportional extension level below near 13342.
Pivot Indicator
(China A50 Index M30 Price Chart, Source: Ultima Markets APP)
(China A50 Index M30 Price Chart, Source: Ultima Markets APP)
According to the trading central in Ultima Markets APP, the central price of the day is established at 13660,
Bullish Scenario: Bullish sentiment prevails above 13660.00, first target 13797.50, second target 13877.50;
Bearish Outlook: In a bearish scenario below 13660.00, first target 13385.00, second target 13305.00.
Conclusion
To navigate the complex world of trading successfully, it’s imperative to stay informed and make data-driven decisions. Ultima Markets remains dedicated to providing you with valuable insights to empower your financial journey.
For personalized guidance tailored to your specific financial situation, please do not hesitate to contact Ultima Markets.
Join Ultima Markets today and access a comprehensive trading ecosystem equipped with the tools and knowledge needed to thrive in the financial markets.
Stay tuned for more updates and analyses from our team of experts at Ultima Markets.
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