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CHNComp dropped hard today

It will takes about:

September 20, 2021

Latest updates:

– Stocks in Asia slumped at the beginning of a new week as concerns over possible default in the Chinese real estate market mount. Hong Kong-listed shares of Evergrande dropped over 15%
– Hang Seng dropped over 3% while S&P/ASX 200 moved almost 2% lower. Traders from China, Japan and South Korea were off for holidays
– US and European index futures trade lower as well
– According to Politico report, trade talks between EU and Australia may collapse on the back of new UK-US-Australia submarine deal
– Iraqi Oil Minister said he aims to maintain oil price of $70 per barrel for Q1 2022
– Iran Foreign Minister said that nuclear talks may be held on the sidelines of the UN General Assembly next week
– Cryptocurrencies dropped overnight as risk moods deteriorated. Bitcoin trades below $46,000 mark
– Declines can be spotted all across the commodity markets. Precious metals, industrial metals, oil and agricultural goods all trade lower
– CHF and JPY are the best performing major currencies while AUD and CAD lag the most

CHNComp dropped hard today. The index plunged below the support zone at 8,700 pts and reach the lowest level since March 2020 coronavirus panic. According to technical analysis, a downside breakout from recent trading range may lead to a 800-points downward move.

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