The SHCOMP was strengthened after Donald Trump announced his decision to at least temporarily refrain from implementing additional tariffs on Chinese products, and as a result, the Shanghai Composite Index appreciated with around 2.60 per cent since Thursday of last week.
The index bounced off from the fundamentally important support level of 2760.779, which coincides with the 61.8 per cent Fibonacci Retracement level. Thus, the price has once again entered within the boundaries of a narrow range, which has been prevailing since early May. The last time that the price was trading above the 38.2 per cent Fibonacci retracement level at 2958.732 was on the 8th of July.
Meanwhile, the protests in Hong Kong continue to worry Chinese authorities, and in case that the situation continues to worsen, a military intervention might take place, which would undoubtedly have negative ramifications for the index. The magnitude of the protests has already worried Chinese investors and shareholders, and as a result, Alibaba would allegedly postpone its unofficial IPO date, which was initially rumoured to take place in October, owing to the fears of rising uncertainty and political turmoil.
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