Overextended Asian markets ripe for a bounce

Chinese markets has remained resilient in the face of a bloodbath in global markets with only a forgiving decline of less than 10%. It has now fell to a major support which is the level it gapped down to when it was in the centre of the outbreak. With that it can be observed that strong buying pressure came in as buyers aggressively defended when 2715 was hit and traders covered their shorts. Thus, there is possibility of a imminent bounce.