The Shanghai Composite Index crashed 5% today as BeiJing goes into Lockdown
The HST Hang Seng Tech also crashed 5% too.. so there is a lot of fear… the big question is will we be breaking new lows? will this be worst than the march lows?
for the CSI 300 we had the GFC global financial crisis in 2008 and the 2015 we had the great Chinese speculation… two big booms and busts…
Honestly if I look at the fundamentals, its not worse than the GFC… yet the fear is as much.. looking at the technicals it seems we are near the support level we might see at most another 10% sell down at most before bottoming off
for the HST the recent march lows forms the immediate support… I don’t think it will go below as it could poise a systemic risk… anything lower the CCP should logically step in to boost the market.. so at most we do have another potential 10% downside from today’s levels
I don’t think Alibaba should go below $70 considering they have like $28 cash per share…I think it should hold up at $80 or at worst test back the $70 lows before bouncing back up… but time after time I am wrong as the market is so so so irrational