What a tumultuous month for the Shanghai Composite Index, which gapped below trend-line support on Friday on good volume throughout. Support at 4,430 points, the low in late May, is holding for now, not forgetting the support that might be provided by the upper edge of the daily Ichimoku cloud. Therefore, allow for some sort of feeble attempt at a bounce in the final week of this month, which may stall a sell signal from the potential moving-average crossover. At the end of this month, we shall examine how the monthly, quarterly and half-yearly candles look to see if another important high is in place. The lower June's closing level, the more likely a major top.
