Chinese stock market extended its $3 trillion rout, with the the Shanghai Composite Index dropping 1.5 percent to its lowest close since November 2014. The index has declined 19% in the past six months.
Consumer companies’ stocks suffered the biggest losses, following declining demand for appliances and automobiles last month. Add to that heightened trade tensions between the U.S. and China as both nations engaged in a tariff-slapping spree on each others’ goods. The yuan’s decline, too, is apparently in the eye of the storm with respect to trade relations.
The recent weeks' stock market rout in China has propelled its government to step in to curb further losses. The government is asking insurers to invest in listed corporations in order to mitigate liquidity risks linked to the companies' pledging of shares to secure loans - the China Securities Journal reported on Saturday, citing a senior official with the banking and insurance regulator. Also, several companies will be supported by the tens of billions of yuan from the local government of Shenzhen to improve their shares' liquidity and lower share-pledged risks, according to the Shanghai Securities News (as reported by Bloomberg).
Moving higher for three straight days is viewed as a bullish sign. Keep an eye on this stock for future growth. Considering data from situations where CHIQ advanced for three days, in of 308 cases, the price rose further within the following month. The odds of a continued upward trend are .
The Momentum Indicator moved above the 0 level on April 23, 2024. You may want to consider a long position or call options on CHIQ as a result. In of 81 past instances where the momentum indicator moved above 0, the stock continued to climb. The odds of a continued upward trend are .
The Moving Average Convergence Divergence (MACD) for CHIQ just turned positive on April 24, 2024. Looking at past instances where CHIQ's MACD turned positive, the stock continued to rise in of 47 cases over the following month. The odds of a continued upward trend are .
CHIQ moved above its 50-day moving average on April 22, 2024 date and that indicates a change from a downward trend to an upward trend.
The Aroon Indicator entered an Uptrend today. In of 266 cases where CHIQ Aroon's Indicator entered an Uptrend, the price rose further within the following month. The odds of a continued Uptrend are .
The RSI Indicator demonstrated that the stock has entered the overbought zone. This may point to a price pull-back soon.
The Stochastic Oscillator demonstrated that the ticker has stayed in the overbought zone for 6 days. The longer the ticker stays in the overbought zone, the sooner a price pull-back is expected.
Following a 3-day decline, the stock is projected to fall further. Considering past instances where CHIQ declined for three days, the price rose further in of 62 cases within the following month. The odds of a continued downward trend are .
CHIQ broke above its upper Bollinger Band on May 02, 2024. This could be a sign that the stock is set to drop as the stock moves back below the upper band and toward the middle band. You may want to consider selling the stock or exploring put options.
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
Category PacificAsiaexJapanStk