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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 has risen to level 3457. Presently, it is making a downward move. The price has broken the 21-day SMA but approaching the 50-day SMA. A break below the SMAs will mean a further downward move.
Daily Chart Indicators Reading:
SHCOMP has risen to level 44 of the Relative Strength Index period 14. The index is in the uptrend 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 December 11 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the index will fall and reverse at level 1.272 Fibonacci extensions or level 3325.838.
4-hour Chart Indicators Reading
SHCOMP is below the 20% range of the daily stochastic. It indicates that the market is in a bearish 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 has continued to fluctuate in a confined range. Presently, the index is falling to a lower price range. According to the Fibonacci tool, the downtrend is expected to reach level 3325.838 and reverse.
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