Shanghai SE Composite Index (SHCOMP) in Uptrend, Battles Resistance at 2900

Shanghai SE Composite Index (SHCOMP) in Uptrend, Battles Resistance at 2900

Key Resistance Levels: 2900, 3000, 3100
Key Support Levels: 2800, 2700, 2600

Shanghai SE Composite Index (SHCOMP) Price Long-term Trend: Bullish
The SHCOMP is currently in an ascending channel. The index has been in an upward move since March. The upward move is facing resistance at level 2900. The market is on a downward move and may likely fall above the support line. It is characterized by small body candlesticks like Doji and Spinning tops.

SHCOMP – Daily Chart

Daily Chart Indicators Reading:
The 50-day SMA and 21-day SMA are sloping upward indicating the uptrend. SHCOMP is at level 55 of the Relative Strength Index period 14. This indicates that the market is rising as it is an uptrend zone.

Shanghai SE Composite Index (SHCOMP) Medium-term Trend: Bullish
On the 4 hour chart, the index is in an ascending channel. Price is making higher highs and higher lows. The market is falling after testing the resistance at level 2920.

SHCOMP – 4 Hour Chart

.4-hour Chart Indicators Reading
SHCOMP index is currently below 40% range of the daily Stochastic. This indicates that the coin is in a bearish momentum. The SMAs are sloping upward indicating the uptrend. The selling pressure may continue if the price breaks below resistance.

General Outlook for Shanghai SE Composite Index (SHCOMP)
The SHCOMP index has been in a sideways trend. Nonetheless, the market has been in an upward move since March. Presently, it has reached resistance at level 2900. The downward movement will extend to the lower price range. The bulls resume another upward move will be initiated.

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Author : Azeez Mustapha


Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.