By Chris Becker
Sentiment was mixed overnight with stocks rising, but some disappointing US economic data pushed bond yields and risk currencies lower, Pound Sterling in particular pushed down to a new monthly low. The latest DOE oil inventory report saw a jump in crude prices while Bitcoin remained over $8000USD.
Yesterday the Shanghai Composite has bounced the strongest, lifting over 2% higher to close back above 2900 points again, finsihing at 2938 points. In Hong Kong, the Hang Seng Index continued it own little relief rally to close half a percent higher at 28268 points. Momentum was clearly way oversold and is coming back to a swing play but there’s a lot of daylight overhead to fill. I still consider this a very risky proposition in going long until the low moving average is breached:
