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.
Note: Learn2Trade.com 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
- Min Deposit
- Score
- Visit Broker
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Award-winning Cryptocurrency trading platform
- 14 Cryptoassets available to invest in
- FCA & Cysec regulated
Highly volatile unregulated investment products. No EU investor protection.
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
