The sentiment of the China A50 Index could be affected by the global market. The movement of the U.S. market could give a hint whether the China A50 index can record a new 52-week high. Investor should await of the U.S. nonfarm payroll reports for trigger a momentum trade.
On a daily chart, the index is holding on the upside after breaking above the ascending triangle pattern. Currently, it is still trading above both 20-days and 50-day moving averages. The support level is raised to 16000, while index could expect a rise to the resistance level at 17550 and 18240.
Source: GAIN Capital, TradingView