Shanghai SE Composite Index (SHCOMP) Continues to Fluctuates, Unable to Break Below Level 3200

Shanghai SE Composite Index (SHCOMP) Continues to Fluctuates, Unable to Break Below Level 3200

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 trading at the lower price range above the support line. The sideways move will continue if the current holds. Otherwise, the index will resume a downtrend correction.

SHCOMP – Daily Chart

Daily Chart Indicators Reading:
SHCOMP is at level 48 of the Relative Strength Index period 14. The index is in the downtrend zone and below 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 price is also fluctuating between levels 3185 and 3420. The price has continued to be in a sideways move. The SHCOMP has resumed an upward move to revisit the upper price range.

SHCOMP – 4 Hour Chart

4-hour Chart Indicators Reading
SHCOMP is above the 25 % 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 is still trading between levels 3200 and 3400. It is yet to trend as the market continues to fluctuate within a confined range. The price action is characterized by small body candlesticks. These are indecisive candlesticks called Doji and Spinning tops.



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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.