Above is the daily chart for China Mobile (0941.HK). There is a very strong resistance area 79.9 - 81.3 which bounces back the price every time it attempts to break starting from last September. The recent one was no exception. The market plunged very greatly yesterday due to concern over China slowing growth and American lower consumer confidence. China Mobile slumped just as most of the other stocks. Both MACD and stochastic are turning bad showing a further downtrend. The support would be at the red line which is at around 72. That means there is still around 6-7% till the support zone.
The news effect would be expected to last for around a week. So this week I am bearish on the markets.
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