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In May this year we called on our readers to go short in Chinese shares; to be specific SGX China A50 future, which is a future contract on largest 50 A share companies by full market capitalization of the securities listed in Shanghai and Shenzhen stock exchanges. A CFD (Contract for difference) instrument is also available on SGX A50 future; that is CHN50 offered by FXCM. Here is the link, https://www.econotimes.com/FxWirePro-Sell-SGX-FTSE-China-A50-Future-targeting-15-percent-decline-1298413
The index (CHN50) has been declining after topping around 14900 area in January this year and in May we urged readers go short on the index at the then current rate of 12550 area suggesting further decline citing trade tensions between the U.S. and China and higher interest rates.
Since that call, the index has declined further and currently trading at 11290 area. Here we would recommend partial profit booking as the market looks a bit oversold and the risk of a Chinese government intervention looks very much likely.
However, we are not abandoning our final target around 10500 area.
