Shanghai SE Composite Index (SHCOMP) Resumes Uptrend, Attempts to Reach Level 3371

Shanghai SE Composite Index (SHCOMP) Resumes Uptrend, Attempts to Reach Level 3371

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

Shanghai SE Composite Index (SHCOMP) Long-term Trend: Ranging
SHCOMP has been fluctuating between levels 3200 and 3400 since July. The index is rising now after reaching the low at level 3220. The upward move may terminate at the level 3400 resistance zone.

SHCOMP – Daily Chart

Daily Chart Indicators Reading:
SHCOMP has risen to level 54 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 an upward move. On November 5 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement. This retracement indicates that SHCOMP will rise and reach a level of 1.618 Fibonacci extensions. That is the high of level 3371.54.

SHCOMP – 1 Hour Chart

4-hour Chart Indicators Reading
SHCOMP is below the 80% range but stochastic bands are sloping upward. It indicates that the market is in a bullish momentum. 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 a sideways trend but the index is rising upward. According to the Fibonacci tool, the market will rise and reach level 3371.54. The price movement is fluctuating in a range between levels 3200 and 3400.


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Author : Azeez Mustapha

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