Shanghai SE Composite Index (SHCOMP) Makes an Upward Move, Targets Level 3100

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RESULTS

Key Resistance Levels: 2900, 3000, 3100
Key Support Levels: 2800, 2700, 2600

Shanghai SE Composite Index (SHCOMP) Price Long-term Trend: Ranging
The index is currently rising above the lower price range and approaching level 2860. The upward move is being resisted by 50day SMA. Price will remain at the lower price range if the bulls fail to break above 50-day SMA. Meanwhile, the market is fluctuating between 2800 and 3100. Since April the market has been consolidating above the lower price range.

Daily Chart Indicators Reading:
Presently, SHCOMP is at level 55 of the Relative Strength Index period 14. This indicates that the market is rising as it is an uptrend zone. The 50-day SMA and 21-day SMA are sloping sideways indicating the sideways move.

Shanghai SE Composite Index (SHCOMP) Medium-term Trend: Ranging
The index is currently rising as it breaks above the SMAs. The upward move is likely to rise to reach a high of 3100. The price is likely to be sustained as long as SMAs are below the price bars. In March, the index fell to level 2656 low after price breaks below the SMAs. Today the index is expected to be in an upward move.

4-hour Chart Indicators Reading
SHCOMP index is currently below 75% range of the Stochastic. It indicates that the market is in a bullish momentum. The SMAs are sloping in sideways move to indicate the sideways trend.

General Outlook for Shanghai SE Composite Index (SHCOMP)
SHCOMP index is rising in April to retest the upper price range. The market has previously fallen in March. The RSI and the stochastic are showing bullish signals. The market is rising and in an upward move.

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