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Wednesday, July 8, 2015

Shanghai and Hongkong in Heavy Sell-off

Facebook group update:
8 Jul SSE, HSI and STI update:
Both SSE and HSI were experiencing another round of heavy selling off today. Morning session just over, SSE -145 or 3.88% to 3582, it hit day low of 3421 soon after open then rebounded, just above its major support 3400 level.
HSI dropped 1049 pts or 4.2% to 23926 in morning session, it all the selling off to support 23700 level then rebounded. (Refer to chart)
STI is trading within the range, still in consolidation mode, under its major resistance 3365 level.
THe indexes look technically oversold, and due for a reobund. I will be focusing on banks, and blue chips oversolded for a quick rebound.
Stocks in focus:
SSE A50 2823.HK
China minsheng bank 1988.HK
Citic Bank 998.HK
Haitong Securities 665.HK
Ping An insurance 2318.HK
Jardine C&C below 30USD, can monitor closely for rebound. its right share is 26 USD

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