Key Support Zones: 2700, 2600, 2500
Shanghai SE Composite Index (SHCOMP) Long-term Trend: Ranging
Shanghai SE Composite Index is in a sideways trend in February 2019. In January the index was in an uptrend. SHCOMP rose from the low of 2464 to the high of 3219 and became overbought. Sellers came in and pushed the price downward. The resultant fall led to a sideways trend in February. In February, the market is fluctuating between 2800 and 3100. Nonetheless, neither the bears nor the bulls have broken their respective key levels.
Daily Chart Indicators Reading:
In the meantime, SHCOMP is presently in a bearish momentum as the market falls to the lower price range. The 21-day SMA and 50 –day SMA are sloping horizontally indicating the sideways move.
Shanghai SE Composite Index (SHCOMP) Medium-term Trend: Ranging
On the 4- hour chart, the index is in a sideways trend. The market is fluctuating between 2800 and 3100. The price in the lower time frame fluctuates in a tight range. The bulls attempted the upper price range before falling into the range.
4-hour Chart Indicators Reading
The index is currently at level 34 of the Relative Strength Index period 14. The index is likely to fall as it is below the centerline 50. The 21-day SMA and the 50-day SMA are sloping horizontally.
General Outlook for Shanghai SE Composite Index (SHCOMP)
Shanghai SE Composite Index seems to be stable in February. The index faces resistance at 3100 or it will fall when it is overbought. Traders should trade the key levels since the index is in a sideways trend. The market is dropping and as such a pending order will do.
Instrument: Shanghai SE Composite Index (SHCOMP)
Order: Buy Limit
Entry price: 2800
Stop: 2600
Target: 3100
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
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