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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 index fell to the support above 2800 after the resistance at level 2900. The price consolidating above level 2800, as SHCOMP resumed another uptrend. However, if level 2900 is breached, the market will rise to level 3100.
Daily Chart Indicators Reading:
The 50-day SMA and 21-day SMA are sloping horizontally indicating the uptrend. SHCOMP is at level 50 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. Since May 8, buyers find penetration difficult at the 2900 resistance. The price has been trading below the resistance. However, the selling pressure from the resistance pushes the coin to the next support above 2800. Today, the market has resumed an upward move to retest the overhead resistance.
4-hour Chart Indicators Reading
SHCOMP index is currently below 40% range of the daily Stochastic. The index is in a bullish momentum and it is likely to rise. The SMAs are sloping upward indicating the uptrend.
General Outlook for Shanghai SE Composite Index (SHCOMP)
The SHCOMP index is still on a sideways move. The upward move is threatened by the resistance at level 2900. A break above the resistance will signal the upward move.
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