20 Jan 2015
China stocks rebound on optimistic GDP data
FXStreet (Mumbai) - The Chinese benchmark index, the Shanghai Composite (SCI) bounced-back today, having plunged over 7.5% in the previous session after the Chinese regulator crackdown on top brokerages on their margin trading business.
Currently, the SCI traded at 3.172.72 levels, up 1.81% on the day, rebounding from yesterday’s low at 3095.44 levels. Shanghai stocks rebounded from their sharpest fall in six years after China’s fourth quarter gross domestic product beat expectations of 7.2% and came in at 7.3% from the year-ago period. The upbeat Chinese growth numbers were followed better than forecasts IP and retail sales data. The cheerful data provided markets some respite from yesterday’s slump.
SCI Technical Levels
The index has an immediate resistance stands at 3223.86 (Dec 29 High) above which gains could be extended to 3275 (Jan 12 High) levels. Meanwhile, support is seen at 3100 and from here to 3064 (Dec 26Low) levels.
Currently, the SCI traded at 3.172.72 levels, up 1.81% on the day, rebounding from yesterday’s low at 3095.44 levels. Shanghai stocks rebounded from their sharpest fall in six years after China’s fourth quarter gross domestic product beat expectations of 7.2% and came in at 7.3% from the year-ago period. The upbeat Chinese growth numbers were followed better than forecasts IP and retail sales data. The cheerful data provided markets some respite from yesterday’s slump.
SCI Technical Levels
The index has an immediate resistance stands at 3223.86 (Dec 29 High) above which gains could be extended to 3275 (Jan 12 High) levels. Meanwhile, support is seen at 3100 and from here to 3064 (Dec 26Low) levels.