Shanghai SE Composite Index (SHCOMP) Continues Consolidation Above 2800


Key Resistance Zones: 3100, 3200, 3300
Key Support Zones: 2700, 2600, 2500

Shanghai SE Composite Index (SHCOMP) Long-term Trend: Ranging
The SHCOMP index is confined between the range of 2800 and 3100. Today, price is making an upward move from the lower price level to the upper range. In late February and early March, the price action has been uneven. The price action is characterized by small body indecisive candlesticks. These candlesticks describe the indecision buyers and sellers about the direction of the market. The direction of the market is unclear.

SHCOMP – Daily Chart

Daily Chart Indicators Reading:
The 21-day and 50-day SMA are sloping horizontally indicating the sideways trend. The daily stochastic seems to be fluctuating between levels 40 and 80. The price action and stochastic seems to be contrary. The indicator gives a bearish momentum while the market is in an upward move.

Shanghai SE Composite Index (SHCOMP) Medium-term Trend: Ranging
On the 4- hour chart, the index is in a sideways trend. The market is ranging between 2800 and 3100. The price in the lower time frame fluctuates in a tight range. In February, the bulls were resisted at the 3053 price level. The price pulled back but the same price action repeated itself in March.

SHCOMP – 4 Hour Chart

4-hour Chart Indicators Reading
The index is currently at level 37 of the Relative Strength Index period 14. The index is likely to fall as it is below the centerline 50. The 21-day SMA and the 50-day SMA are sloping horizontally.

General Outlook for Shanghai SE Composite Index (SHCOMP)
SHCOMP Index seems to be range-bound. There seems to be no significant price movement in the past few days. The index is still confined between 2800 and 3100. Range bound traders can trade ranging markets.

Instrument: Shanghai SE Composite Index (SHCOMP)
Order: Buy
Entry price: 2887
Stop: 2800
Target: 3100

Note: is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit

Highly volatile unregulated investment products. No EU investor protection.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.