(Bloomberg) -- Chines stocks have dipped below a major psychological level, as positive signs on the economy and government support efforts fail to win over investors.

The Shanghai Composite Index — a benchmark by closely watched by traders who rely on technical analysis — dipped below 3,000 in early trading Friday before bouncing back above. The gauge is poised for its worst week of the year, with a loss of about 3%.

Investors may take heart in the fact that the index has closed below 3,000 only 14 times since mid-2020. Four days below the mark in April 2022 and ten sessions last autumn were followed by sharp rallies. 

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