Chart o’ the Day: Shanghai Surprise?

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From the folks at ChartOfTheDay.com:

Over the past three years, the Shanghai Composite Index has traded within the confines of a relatively steep downward sloping trend channel. Over the past month, the Shanghai Composite has worked its way higher to where it is testing resistance (red line) for the 7th time since early 2011.

chartday

Josh here – the timing for a breakout like this would be pretty perfect – it’s literally the last thing anyone expects and you couldn’t find a China Bull at the Guangdong Rodeo these days.

Source:

Chart of the Day

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