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Key Resistance Zones: 3500, 3600, 3700
Key Support Zones: 2800, 2700, 2600
Shanghai SE Composite Index (SHCOMP) Long-term Trend: Bullish
SHCOMP is in an upward move. The bulls have broken level 3500 as the price reached the high of 3576.205. The index is facing rejection at level 3600 resistance zone. The index has no more room to rally as the RSI is at level 72. This indicates that the index is in the overbought region.
Daily Chart Indicators Reading:
SHCOMP has risen to level 72 of the Relative Strength Index period 14. The index is in the uptrend zone and above the centerline 50. It has reached the overbought region. The 21-day SMA and 50-day SMA are sloping sideways indicating the sideways trend.
Shanghai SE Composite Index (SHCOMP) Medium-term Trend: Bullish
On the 4- hour chart, the index is in an upward move. On January 7 uptrend; a retraced candle body tested the 88.6% Fibonacci retracement level. The retracement indicates that SHCOMP will rise and reach level 1.1129 Fibonacci extension. That is the high of 3609.394.
4-hour Chart Indicators Reading
SHCOMP is above the 80% range of daily stochastic. It indicates that the market is in a bullish momentum and has reached the overbought region. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.
General Outlook for Shanghai SE Composite Index (SHCOMP)
SHCOMP is in an upward move. The current uptrend has broken the previous price range of 3200 and 3450. The index is likely to fall as it faces rejection.
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