Shanghai SE Composite Index (SHCOMP) Fluctuates but Faces 2800 Resistance
Login

Shanghai SE Composite Index (SHCOMP) Fluctuates but Faces 2800 Resistance

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:
Key Resistance Zones: 3100, 3200, 3300
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.

SHCOMP – Daily Chart

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.

SHCOMP – 4 Hour Chart

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

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
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News