Shanghai SE Composite Index (SHCOMP) Continues Its Range, Retests Level 3400

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 since July. These price levels are above the previous range These levels are yet to be broken by traders. Today, price is testing the resistance at level 3400. A downward move to level 3200 will follow. This has been the market scenario since July.

Daily Chart Indicators Reading:
SHCOMP is at level 58 of the Relative Strength Index. The Index is 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. The price is also fluctuating between levels 3200 and 3400 since July. The price has continued to be in a sideways move. However, the market has continued its sideways move within the price range.

4-hour Chart Indicators Reading
SHCOMP is above 20 % 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)
The index is still trading between levels 3200 and 3400. Since July the price has continued to consolidate within the price range.
The price movement has been stalled within the range.



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