(Bloomberg) -- Chinese stocks may find respite after a dramatic selloff Monday caused the country’s benchmark indexes to plunge through key technical support levels, signaling a potential bounce.

The Hang Seng Index and Hang Seng China Enterprises Index have both breached levels that in the past have triggered a rebound. The two gauges fell the most since the 2008 global financial crisis on Monday after President Xi Jinping moved to stack his leadership ranks with loyalists during the Party Congress. 

Still, investors remain bearish, as reflected by a sudden jump in one-month and three-month volatility skew on Monday, as investors ramped up demand for bearish options that benefit from stock losses, data compiled by Bloomberg show.  

Chinese stocks traded in Hong Kong swung between gains and losses in early trade, while the mainland CSI 300 Index fell as much as 0.3%. 

Here are three charts to watch for clues on market direction: 

The benchmark Hang Seng Index punched through a long-term trend line that supported the index through downturns including the Asian financial crisis in the 1990s, the end of the Dot-com bubble in the early 2000s and the 2008 financial crisis. The index has usually rebounded after trading close to the trend line in the past. 

Both the Hang Seng China Enterprises Index and Hang Seng Index have dropped below the lower Bollinger band and the 14-day Relative Strength Index, which usually signals a market has been oversold. When the indexes breached the pattern in March this year, they staged a rebound lasting almost three months. 

One possible zone of support comes from a cluster of Fibonacci levels, which capture retracements of rallies of the Hang Seng Index historically. The next support level to watch could be its 38.2% Fibonacci retracement of its historical high, at around 12,827, which supported the index during the 2008 crisis. 

(Updates with market moves in fourth paragraph.)

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