Chinese Stocks Jump +4% - the Best in More Than Two Years
Chinese stocks had some rebound on Monday, amidst their prolonged slump this year.
The benchmark Shanghai Composite index surged more than 4% - its sharpest one-day climb since since March 2016. That catapulted the index towards 7% gain over the past two days of trading. It seems the latest efforts by Chinese authorities/officials to infuse confidence about the nation’s markets and economy might have started to have some impact on investor sentiment. On Friday, China’s central bank chief Yi Gang indicated that the recent stock market rout didn't reflect macroeconomic conditions, while adding that the Chinese economy is "moving forward". He said that the government would take more measures to boost economic growth. Also President Xi Jinping on Saturday claimed to be ready to extend "unwavering" support for China's private sector amidst concerns about the economy’s decelerating growth rates in recent times.
CHIQ in upward trend: price may ascend as a result of having broken its lower Bollinger Band on May 24, 2023
CHIQ may jump back above the lower band and head toward the middle band. Traders may consider buying the stock or exploring call options. In of 45 cases where CHIQ's price broke its lower Bollinger Band, its price rose further in the following month. The odds of a continued upward trend are .
Technical Analysis (Indicators)
Bullish Trend Analysis
The Stochastic Oscillator suggests the stock price trend may be in a reversal from a downward trend to an upward trend. of 56 cases where CHIQ's Stochastic Oscillator exited the oversold zone resulted in an increase in price. Tickeron's analysis proposes that the odds of a continued upward trend are .
The Momentum Indicator moved above the 0 level on June 05, 2023. You may want to consider a long position or call options on CHIQ as a result. In of 70 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 June 05, 2023. Looking at past instances where CHIQ's MACD turned positive, the stock continued to rise in of 43 cases over the following month. The odds of a continued upward trend are .
Following a 3-day Advance, the price is estimated to grow further. Considering data from situations where CHIQ advanced for three days, in of 307 cases, the price rose further within the following month. The odds of a continued upward trend are .
Bearish Trend Analysis
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 .
The Aroon Indicator for CHIQ entered a downward trend on May 26, 2023. This could indicate a strong downward move is ahead for the stock. Traders may want to consider selling the stock or buying put options.
Fundamental Analysis (Ratings)
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Fundamental Analysis Ratings
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
General Information
Category PacificAsiaexJapanStk
CHIQ and
Correlation & Price change
A.I.dvisor indicates that over the last year, CHIQ has been closely correlated with MCHI. These tickers have moved in lockstep 96% of the time. This A.I.-generated data suggests there is a high statistical probability that if CHIQ jumps, then MCHI could also see price increases.
| Ticker / NAME | Correlation To CHIQ | 1D Price Change % | ||
|---|---|---|---|---|
| CHIQ | 100% | -0.45% | ||
| MCHI - CHIQ | 96% Closely correlated | -0.46% | ||
| KWEB - CHIQ | 96% Closely correlated | -0.82% | ||
| FXI - CHIQ | 95% Closely correlated | -0.15% | ||
| ASHR - CHIQ | 78% Closely correlated | -0.73% | ||
| EWT - CHIQ | 49% Loosely correlated | -0.32% |
