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China Equities Update: Shanghai Composite Index

Posted by nexvucapital on March 4, 2013

The Shanghai Index has been correcting its initial move off the bottom and as can be seen in the following chart the near-term support zone is 2240 to 2290. As of this writing the Index is at 2290 (down almost 3% on the day). Government announced curbs to reduce speculation in the housing sector have hit property shares after the market topped in early February. We are more focused on recently announced long-term government infrastructure spending plans than we are on the effect of short-term speculators in the established residential property markets.  It should be noted that a deeper correction can take the SSEC back to 2150 to retest the breakout.

$SSEC Daily - March 3 2013

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