Shanghai SE Composite Index (SHCOMP) Is in a Choppy Price Action but Breaks Level 3400

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

Shanghai SE Composite Index (SHCOMP) Long-term Trend: Ranging
SHCOMP is consolidating between levels 3200 and 3400 since July. The price has not broken these levels as the index fell back into the range. The market will continue the sideways move.

Daily Chart Indicators Reading:
SHCOMP is at level 56 of the Relative Strength Index. The Index is an uptrend zone and it is above the centerline 50. The 21-day SMA and 50-day SMA are sloping sideways indicating the sideways trend.

Shanghai SE Composite Index (SHCOMP) Medium-term Trend: Ranging
On the 4- hour chart, the index is in a sideways move. The price is also fluctuating between levels 3200 and 3400 since July. The price has continued to be in a sideways move. However, the market has continued its sideways move within the price range.

4-hour Chart Indicators Reading
SHCOMP is below 80 % range of the daily stochastic. It indicates that the market is in a bullish momentum. The 21-day SMA and the 50-day SMA are sloping sideways indicating the sideways trend.


General Outlook for Shanghai SE Composite Index (SHCOMP)
The index is still trading between levels 3200 and 3400. Since July the price has continued to consolidate within the price range. The price movement has been confined within range


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