Shanghai SE Composite Index (SHCOMP) Is in a Strong Uptrend, Faces Rejection at Level 3456.972

Shanghai SE Composite Index (SHCOMP) Is in a Strong Uptrend, Faces Rejection at Level 3456.972

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 uptrend. The market is seriously in the overbought region. The index is on a downward move and has reached a low of level 3383.322. The downward move may breach the support at 3300. The selling pressure will persist if price breaks below level 3300.

SHCOMP – Daily Chart

Daily Chart Indicators Reading:
The 50-day SMA and 21-day SMA are sloping horizontally indicating the uptrend.SHCOMP is at level 79 of the Relative Strength Index period 14. This indicates that the market is in the uptrend zone and above the centerline 50.

Shanghai SE Composite Index (SHCOMP) Medium-term Trend: Bullish
On the 4 hour chart, the index is in an uptrend. Since June 29, the market has been in an overbought region. Today, sellers are emerging to push prices down. The retracement may reach the support above 21-day SMA.

SHCOMP – 4 Hour Chart

4-hour Chart Indicators Reading
SHCOMP index is currently above 80% range of the daily Stochastic. The index is now in the overbought region. The stochastic bands are making U-turn indicating a downward movement of the index. The SMAs are sloping upward indicating the uptrend.

General Outlook for Shanghai SE Composite Index (SHCOMP)
The SHCOMP index is now falling because it has been overbought for several weeks. A Doji candlestick has appeared in the uptrend. It indicates buyers are unable to push price higher, as sellers price back to the opening price.

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Author : Azeez Mustapha


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