ChinaA50 Wave Analysis 12 May, 2021

• ChinaA50 reversed from support area

• Likely to rise to resistance level 17500.00

ChinaA50 index previously reversed up from the support area lying between the strong support level 16715.00 (which has been reversing the price from December), lower daily Bollinger Band and 200-day moving average.

The upward reversal from this support area stared the active short-term impulse wave (iii).

ChinaA50 index is likely to rise toward the next resistance level 17500.00 (top of the previous minor impulse wave (i) from April).