Checking In on China

In mid-September 2011, I wrote about the Shanghai Stock Exchange Composite Index and its connection with weakness in the Macau gaming sector. Two months earlier, the index had broken down from a symmetrical triangle pattern, which projected a target level in the 2200 area. The weakness in the index appeared to be threatening Melco Crown Entertainment (MPEL), Wynn Resorts (WYNN) and Las Vegas Sands (LVS), which were sitting on important support levels.

Shanghai Stock Exchange Composite Index -- Weekly Source: StockCharts.com View Chart » View in New Window »

Three very distinct periods of symmetrical triangle consolidation can be seen on the weekly chart of the Shanghai Composite....253 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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