SSE broken out of confirmed inverted head and shoulders

Evening traders/investors,

I have a breakout alert on the Shanghai Stock Exchange composite index’s chart. Today, the SSE posted a gain of 1.8% to close just below the 3000 level. Below, you will see the inverted head and shoulders I have found on SSE’s chart. Please click the image below for a larger view. The inverted head and shoulders is not ideal-looking, but I have decided to count it as one. Neckline comes in at 2950, and I have a target of the 3120 region. I consider this pattern a small one, so I will be looking for short-term upside in the SSE. I like how the target – based on the pattern – coincides with the resistance trendline above. Will the chinese market pull us up from all the chaos in Libya and those other countries facing the same situation?

Time will tell.

   

All analyses, recommendations, discussions and other information herein are published for general information. Readers should not rely solely on the information published on this blog and should seek independent financial advice prior to making any investment decision. The publisher accepts no liability for any loss whatsoever arising from any use of the information published herein.

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