Shanghai SE Composite Index (SHCOMP) Is Range Bound, Trades Between 3200 and 3400

Estimated Reading Time: 2 minutes

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Azeez Mustapha

Updated: 13 October 2022

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

Shanghai SE Composite Index (SHCOMP) Long-term Trend: Ranging

The index is consolidating between levels 3200 and 3400. The price fluctuation is concentrated at the upper range. In the last three months, the price sideways move has persisted. The index is yet to trend since July.

Daily Chart Indicators Reading:
SHCOMP is at level 50 of the Relative Strength Index. There is balance between supply and demand. 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 a sideways move. The price is also fluctuating between levels 3200 and 3400. The price has continued to be in a sideways move. However, the market has continued its sideways move within the price range. The price action is similar to the one on the daily chart.

4-hour Chart Indicators Reading
SHCOMP is below 50 % 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 sideways indicating the sideways trend.

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

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