Shanghai SE Composite Index (SHCOMP) Finds Support at Level 3450, Resumes Upward Move

Shanghai SE Composite Index (SHCOMP) Finds Support at Level 3450, Resumes Upward Move

Key Resistance Zones: 3500, 3600, 3700
Key Support Zones: 2800, 2700, 2600

Shanghai SE Composite Index (SHCOMP) Long-term Trend: Bullish
SHCOMP has resumed upward after falling to the low of 3450. The price has broken above the SMAs. This is an indication that the index will continue to rise on the upside.

SHCOMP – Daily Chart

Daily Chart Indicators Reading:
SHCOMP has risen to level 65 of the Relative Strength Index period 14. The index is in the uptrend zone and above the centerline 50. The 21-day SMA and 50-day SMA are sloping upward indicating the upward.

Shanghai SE Composite Index (SHCOMP) Medium-term Trend: Bullish
On the 4- hour chart, the index is in an upward move. On February 5 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that SHCOMP will rise to level 2.0 Fibonacci extensions. That is the high of level 3601.192.

SHCOMP – 4 Hour Chart

4-hour Chart Indicators Reading
SHCOMP is above the 80% range of daily stochastic. The index is in a bullish momentum. The 21-day SMA and the 50-day SMA are sloping upward indicating an uptrend

General Outlook for Shanghai SE Composite Index (SHCOMP)
SHCOMP has resumed upward move after reaching the low of level 3450. The downtrend was a retracement from the recent high, The index was resisted at level 3600 which resulted in a downward move. The bullish momentum has resumed as price breaks the resistance at level 3600.



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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.