Shanghai SE Composite Index (SHCOMP) Is Range-Bound, Continues Fluctuation Between Levels 3200 and 3400

Shanghai SE Composite Index (SHCOMP) Is Range-Bound, Continues Fluctuation Between Levels 3200 and 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. Since August, it has been fluctuating in a tight range. The index is rising towards the upper price range.

SHCOMP – Daily Chart

Daily Chart Indicators Reading:
SHCOMP is at level 57 of the Relative Strength Index. The Index is in 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 market is in a choppy price action. The price is fluctuating towards the upper price range. The index has been trapped between levels 3200 and 3400.

SHCOMP – 4 Hour Chart

4-hour Chart Indicators Reading
SHCOMP is above 20 % 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)
SHCOMP index is still trading between levels 3200 and 3400 since July. The market is yet to trend. The index is trading in a tight range. The market is also is in a choppy price action.



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