Shanghai SE Composite Index (SHCOMP) Consolidates in a Tight Range between Levels 3200 and 3400

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RESULTS

Key Resistance Zones: 3300, 3400, 3500
Key Support Zones: 2800, 2700, 2600

Shanghai SE Composite Index (SHCOMP) Long-term Trend: Ranging
SHCOMP is fluctuating between levels 3200 and 3400 after its resistance at level 3400. The index tested the level 3400 twice and fell to level 3200 and resumed a sideways move. In its sideways move, the index has tested level 3200 twice, while it tested level 3400 thrice. The index is not trending but trading in the middle of the price range.

Daily Chart Indicators Reading:
SHCOMP is at level 53 of the Relative Strength Index. It is in an uptrend zone and it is above the centerline 50. The 21-day SMA and 50-day SMA are sloping sideways indicating the sideways trend.

Shanghai SE Composite Index (SHCOMP) Medium-term Trend: Ranging
On the 4- hour chart, the index is a sideways move. After its downward move to level 3200 on July 17, the index has been on a sideways move between levels 3200 and 3400. It is trading in the middle of price range. The index will trend if this levels are broken.

4-hour Chart Indicators Reading:
SHCOMP is above 40 % range of the daily stochastic. It indicates that the market is in a bullish momentum. The 21-day SMA and the 50-day SMA are sloping sideways indicating the sideways trend.


General Outlook for Shanghai SE Composite Index (SHCOMP)
SHCOMP index is still consolidating between levels 3200 and 3400 since July 17.The downtrend will resume if price breaks below level 3200. In the meantime, price is fluctuating upward to retest level 3400.



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