Chinese stocks tank – precursor of global markets? Posted by Prieur du Plessis under Investment, Stocks
Goldman jitters and the pledge of China’s central bank to immediately implement new lending rules to curtail property speculation have resulted in the Chinese Shanghai Composite Index plunging by a massive 4.8% this morning.
After today’s sharp sell-off, the Index (2,980 at the time of writing) is the only major bourse trading below both its 50-day (3,055) and 200-day moving average (3,096). It is now of critical importance that the February low of 2,935 – a mere 45 points away – must hold in order for the cyclical bull market to remain intact. cont http://www.investmentpostcards.com/2010/04/19/chinese-stocks-tank-%e2%80%93-precursor-of-global-markets/
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