Shanghai SE Composite Index (SHCOMP) is stuck between 2800 and 3100

Key Resistance Zones: 3100, 3200, 3300
Key Support Zones: 2700, 2600, 2500

Shanghai SE Composite Index (SHCOMP) Long-term Trend: Ranging
Presently, the index is fluctuating between levels of 2800 and 3100. SHCOMP is consolidating more at the lower price range. On March 23, the lower price range was broken and the market reached the low of 2556. The bulls are emerging from the oversold region as the reaches the high of 2800.

Daily Chart Indicators Reading:
SHCOMP is above 40% range of the daily stochastic. The index is in a bullish momentum and the bulls are emerging to push the market upward. The 21-day and 50-day SMA 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 fluctuating between 2800 and 3100. The bears broke the 2800 lower price range to the low of 2700. The market is making an upward to the range bound zone.

4-hour Chart Indicators Reading
Presently, the index is currently at level 47 of the Relative Strength Index period 14. This implies 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 in a range bound movement. The index is confined between 2800 and 3100. The price broke the lower price range and index reached the oversold region. Presently, the bulls are emerging from the oversold region to push index upward.

Instrument: Shanghai SE Composite Index (SHCOMP)
Order: Buy
Entry price: 2764.70
Stop: 2700
Target: 2964.70

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