中国股票触底了吗？

KWEB
Lastly onto KWEb, it has been in a consolidating trend since late july after it broke the 60 and 55 support in a huge sell off due to tech clampdown. My fibonacci level for a buy entry was at the 39 point. It was a long wait as I did thought we would go down quite soon after hitting 43 lows. However with the consolidation that happened over the few months hovering above 43 and below 55. It was looking more like an accumulation phase. Thus meaning 2 things, either a break up of the wedge to transit towards the mark up phase, or a break down of the wedge to activate the ''Spring'' before the mark up phase. Springs are usually a false break down to catch the stop losses of traders and shake out the final batch of people who are waiting to cut loss should it break the previous lows.

It broke down the wedge on 26th Nov and that was when I mentioned to keep a lookout on the 39 price point as it will very likely rebound there. If it rebounds off 36-39 price point and breaks back into the 43.40, we could very likely start to see the transition towards mark up phase. Similarly large volume day on friday with a rebound off the 39 key support level which was COVID sell off lows. Wick to spread is 45% and this is a huge signal of an incoming rebound due to lack of supply or demand overpowering supply. We call this the selling climax. This is a good set up for a swing to the upside.

Keep a look out on the resistance levels above to see if it does break back above to have a confirmation of the accumulation phase coming to an end and the transition to the mark up phase. If it doesnt break back above 43.40, this could mean the china internet stocks are not yet ready for a reversal of trend and could still see a lower bottom.