Key Support Zones: 2700, 2600, 2500
Shanghai SE Composite Index (SHCOMP) Long-term Trend: Ranging
Currently, the index is fluctuating between levels of 2800 and 3200. The price is fluctuating but more at the lower price range than the upper price range. On March 18, the index fell and broke below the lower price range at a low of 2728. SHCOMP index is rising back to the range-bound zone. At the oversold region, the bulls are emerging to push the index upward.
Daily Chart Indicators Reading:
SHCOMP has fallen but it is above 20% range of the daily stochastic. This indicates that the market is in bullish momentum. The 21-day and 50-day SMAs 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 trading below the 3100 overhead resistance. The market falls to 2700 low each time the resistance is tested. At other times, the market will fall to 2900 low.
4-hour Chart Indicators Reading
The index is currently at level 46 of the Relative Strength Index period 14. This indicates that the price is in the downtrend zone but it is approaching the centerline 50. The moving averages are sloping horizontally.
General Outlook for Shanghai SE Composite Index (SHCOMP)
SHCOMP Index is still trading in a sideways trend. It is currently in the oversold region of the market. Buyers are emerging to push SHCOMP upward. Meanwhile, the bulls are finding penetration difficult at 2800. The index is trapped below the lower price range.
Instrument: Shanghai SE Composite Index (SHCOMP)
Order: Buy
Entry price: 2772
Stop: 2700
Target: 2972
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