Shanghai Composite Overcomes Resistance

10/25/2010 10:29 am EST


Thomas Aspray

, Professional Trader & Analyst

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The week appears to be starting off on a positive note as the Shanghai Composite surged 2.6% to close above both the long-term downtrend and the major 61.8% resistance level. Volume surged at the end of September, confirming the market’s rally, and has stayed at high levels. The Singapore exchange’s very generous offer for ASX, the Australian exchange, contributed to the market's overall strength. Next resistance is at 3180 and then in the 3300 area.

Tom Aspray, professional trader and analyst, serves as video content editor for The views expressed here are his own.

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