Goldman Sachs cites internal broker data tracking China ADRs. GS say their data showed signs of capitulation selling in the first 3 weeks of August but that’s diminishing.
- We are starting to see some institutions use recent weakness as a buying opportunity.
Goldman Sachs says they are now watching for stability and an inflection higher.
Shanghai Composite daily candles:
The big jump (and retrace) was on Monday:
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An American Depositary Receipt (ADR) for a Chinese company, commonly referred to as a “China ADR,” is a negotiable certificate that represents ownership in shares of a foreign stock, in this case, a company that is based in China. The ADR is traded on American stock exchanges like the New York Stock Exchange (NYSE) or the NASDAQ, and it is denominated in U.S. dollars.
