Shanghai SE Composite Index (SHCOMP) Continues Its Rally, as Bulls Gain More Grounds

Shanghai SE Composite Index (SHCOMP) Continues Its Rally, as Bulls Gain More Grounds

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 SHCOMP is rising and approaching the upper price range. The index is likely to reach a high of level 3000 and become overbought. In the overbought region, the SHCOMP will resume a downward move.

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 67 of the Relative Strength Index period 14. This indicates that the market is in the uptrend zone. It is also approaching the overbought region.

Shanghai SE Composite Index (SHCOMP) Medium-term Trend: Bullish
On the 4 hour chart, the index is in an ascending channel. The market has risen and broken the previous level at 2950. The price is approaching the resistance line of the ascending channel. Price will continue the upward move if it breaks and closes above it

SHCOMP – 4 Hour Chart

4-hour Chart Indicators Reading
SHCOMP index is currently above 80% range of the daily Stochastic. The index is now in the overbought region. Sellers may emerge in due course if the market reaches the overbought region.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 rising and approaching the resistance line. The index may be repelled at the resistance line since it is approaching the overbought region. The market has reached a high of level 2966.029.



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Author : Azeez Mustapha

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