Shanghai SE Composite Index (SHCOMP) falls as Bulls and Bears Tussle Between 2800 and 3100

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

Shanghai SE Composite Index (SHCOMP) Long-term Trend: Ranging
SHCOMP index is still fluctuating between levels of 2800 and 3100. SHCOMP price movement has been rather slow. The index fell to its low at 2556 support and made upward move to the high of 2820. The index was resisted at the recent high as the market retraces downward. It is unclear the extent of the downward move.

Daily Chart Indicators Reading:
SHCOMP is above 80% range of the daily stochastic. It indicates that sellers are likely to emerge as the market is overbought. The recent high of 2820 is regarded as an overbought index. Presently, the market is falling as a result of the overbought condition. The 21-day and 50-day SMA are sloping horizontally indicating the sideways trend.

Shanghai SE Composite Index (SHCOMP) Medium-term Trend: Ranging
On the 4- hour chart, the index is in a sideways trend. SHCOMP is fluctuating between 2900 and 3100. The bears broke the 2800 lower price range as price fell to the low of 2556. The index has risen and approaching the lower price range.

4-hour Chart Indicators Reading
Presently, the index is currently at level 51 of the Relative Strength Index period 14. This implies that price is in the uptrend zone but it is above the centerline 50. The moving averages are sloping horizontally.

General Outlook for Shanghai SE Composite Index (SHCOMP)
Presently, the SHCOMP Index fell to 2656 low but has moved up to 2796. At the moment, the stochastic indicates that the index is overbought. Its upward move to the range-bound zone is doubtful as sellers emerge.

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