Shanghai Composite Index Gapdown today at and made low of 3855 , In next 30 minutes china’s GDP numbers are due which will decide the trend for further movements in chinese stock market but for now a major support at 3790 if shanghai index break this and sustain below this level then expect 3750 – 3690 and even more in panic
If Shanghai composite index manage to click our resistance at 3930 and sustain above our technical resistance then expect chinese market to give buyers a breather upto 3980 – 4030
Shanghai Index levels conclusion : Technically market looking weak , Major trend decider would be China’s GDP numbers in next 25-30 minutes
More will update if required
Update : China reported 7% second quarter growth on year compared with expectations of 6.8% , much better growth than expected but yet shanghai composite did not gave any major spike and still trying to drag it for more lower levels
China’s Industrial production also rised from 6.1% to 6.8% in june , expectations was 6.0% , so two major Chinese data and still markets are not showing any positive respite .
Both major events are over now so follow levels only
Small Translation for our readers from china of above update :
中國報導7 ％，第二季度同比增幅為6.8 ％，比預期要好很多成長於預期，但上海還沒有複合沒有給任何重大穗仍在試圖拖動它更多的較低水平
中國的工業生產也從升高6.1 ％至6.8 ％，6月，預期為6.0 ％ ，所以中國兩大數據和市場依然沒有表現出任何積極的喘息的機會。
兩個主要事件是在現在這樣只能跟著水平