Shanghai SE Composite Index (SHCOMP) Is in a Downtrend, Consolidates Above Level 3100

Shanghai SE Composite Index (SHCOMP) Is in a Downtrend, Consolidates Above Level 3100

Key Resistance Zones: 3300, 3400, 3500
Key Support Zones: 2800, 2700, 2600

Shanghai SE Composite Index (SHCOMP) Long-term Trend: Bearish
SHCOMP is in a downtrend after facing resistance at level 3400.000. The index fell to level 3208.333 and resume an upward move to retest level 3400 resistance zone. The downtrend may resume as price approaches the low of level 3100 .A break below this level will further depreciate the index into the range-bound zone.

SHCOMP – Daily Chart

Daily Chart Indicators Reading:
SHCOMP has fallen to level 50 of the Relative Strength Index. The Index is an uptrend zone and it is falling. The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend.

Shanghai SE Composite Index (SHCOMP) Medium-term Trend: Bearish
On the 4- hour chart, the index is in a downward move. The price is falling and has reached a low of level of 3197.699. The downtrend will continue if price breaks the bullish trend line. In the meantime, the price is testing the previous support at level 3197.699 to break below it. In the first retest, the bears were repelled. The market is retesting that same level.

SHCOMP – 4 Hour Chart

4-hour Chart Indicators Reading
SHCOMP is below 40 % range of the daily stochastic. It indicates that the market is in a bearish momentum. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

General Outlook for Shanghai SE Composite Index (SHCOMP)
SHCOMP index is presently in a downtrend. The downtrend will resume if price breaks the support at level 3197.699. The market is approaching level 3100.000.

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