Shanghai Trading Higher Despite Disappointing Chinese Data
May, 16th 10:56
Soft Chinese data released over the weekend showed China’s investment, factory output and retail sales in April all grew more slowly than expected, adding to doubts about whether the world’s second-largest economy is stabilizing. However, Chinese stocks rose slightly on Monday after the Government assured that it will continue to support additional fund raising and M&A in four industries including online finance, gaming, film and virtual reality, with no change to existing policies. After testing the support level at around 2806, the index started moving upwards and is currently trading at 2833.48. The RSI is hovering just below the average 50, suggesting that the trend for the Shanghai Composite Index is not clear yet.
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