Chartbook: Chart Shanghai Shenzhen CSI 300: Extend corrective pullback from June high

Break above the 5000 level in Q2 reached fresh year high at 5064 before giving way to sharp pullback to reach 4480 low. Consolidation here has left a lower high below resistance at the 4750 congestion and threatens pullback to retest the 4480, July low.

Below the latter will confirm a top in place at the 5064 high and open up room for deeper correction of gains from the 2024 year low. Lower see strong support nearby at the 4450/4400 congestion and March current year low. Lower still, will see room to support at 4315, 38.2% Fibonacci level, and 4200 congestion. Continuation below here will open up room to 50% Fibonacci level at 4085 then 4000 figure.

Meanwhile, resistance is at the 4750/4800 congestion and January high. Break here will revive the upside focus for retest of the 5000 level and 5064 high. Clearance here will continuation of gains 2024 year low to target the 5200 congestion then 5265, 76.4% Fibonacci level.