Shanghai SE Composite Index (SHCOMP) Is in a Downward Move, a Drop to Level 3245.125 Likely


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

Shanghai SE Composite Index (SHCOMP) Long-term Trend: Ranging
SHCOMP is range-bound between levels 3200 and 3400 since July. The index is falling as it faces rejection at the upper price range. That is, a downward movement of the index is expected. The index is falling and has reached a low of level 3277.997.

SHCOMP – Daily Chart

Daily Chart Indicators Reading:
SHCOMP has fallen to level 45 of the Relative Strength Index period 14. The index is in the downtrend zone and 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: Bearish
On the 4- hour chart, the index is in a downward move. On October 20, a retraced candle body tested the 61.8 Fibonacci retracement level. This implies that SHCOMP will fall and reach level 1.618 Fibonacci extension level. That is the low of 3245.125.

SHCOMP – 2 Hour Chart

4-hour Chart Indicators Reading
SHCOMP is above the 20 % range of the daily stochastic. It indicates that the market is in bullish momentum. Besides, the market has reached the oversold region. The 21-day SMA and the 50-day SMA are sloping sideways indicating the sideways trend.

General Outlook for Shanghai SE Composite Index (SHCOMP)
SHCOMP is on a downward move. The index has fallen to level 3283.371. The downtrend is characterized by lower highs and lower lows.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.