Shanghai SE Composite Index (SHCOMP) Bounces, Targets Level 3000

Shanghai SE Composite Index (SHCOMP) Bounces, Targets Level 3000

Key Resistance Levels: 2900, 3000, 3100
Key Support Levels: 2800, 2700, 2600

Shanghai SE Composite Index (SHCOMP) Price Long-term Trend: Bullish
The SHCOMP is currently in a horizontal channel. The price is presently above the SMAs, indicating an upward of the index. The price was previously above level 2800 support. SHCOMP is rising to the previous highs from the bottom of the lower price range.

SHCOMP – Daily Chart

Daily Chart Indicators Reading:
The 50-day SMA and 21-day SMA are sloping horizontally indicating the sideways move.SHCOMP is at level 57 of the Relative Strength Index period 14. This indicates that the market is in the uptrend zone and likely to rise.

Shanghai SE Composite Index (SHCOMP) Medium-term Trend: Bullish
On the 4 hour chart, the index is in an ascending channel. The market was earlier on a downward move. There is a candlestick with a long tail indicating that there is strong buying pressure above level 2880 as testing the support attracts strong rejection. Buyers are in control in this area.

SHCOMP – 4 Hour Chart

4-hour Chart Indicators Reading
SHCOMP index is currently above 40% range of the daily Stochastic. The index is in a bullish momentum and it is likely to rise. The SMAs are sloping upwards.

General Outlook for Shanghai SE Composite Index (SHCOMP)
The SHCOMP index is moving up after the recent downward move. It is not clear the extent of the upward move. The price action is indicating a bullish signal after the downward move.

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Author : Azeez Mustapha


Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.