HSI
Added 2024-05-31 09:50:44 +0000 UTCStarted off the day very well and jumped close to +1.8% and then started its decline to -0.8% after weaker than expected PMI figures came in:
'China stocks closed down on Friday, after an official factory survey showed the country's manufacturing activity unexpectedly contracted in May, while traders were also cautious ahead of a key U.S. inflation report later in the day.
China's official purchasing managers' index (PMI) fell to 49.5 in May from 50.4 in April, below the 50-mark separating growth from contraction and missing a median forecast of 50.4 in a Reuters poll.
The soft outcome kept alive calls for fresh stimulus as a protracted property crisis continues to weigh on businesses, consumers and investors.'
Calls for a fresh stimulus is in line with the message yesterday, that Chinese Policy makers have a habit of making positive announcements before the market opens on Monday.
HSI also did not test its 50 Day MA at 17.887 yet either.
I am still happy with the structure and waiting for support to be held.
