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Key Resistance Zones: 3300, 3400, 3500
Key Support Zones: 2800, 2700, 2600
In 2020, SHCOMP made a brief uptrend as the index rises from level 2700 to level 3500. Later, the index pulled back to resume consolidation on the upside. The brief uptrend reached the high of level 3456.721 in August. After the resistance, the market resumed a sideways move between levels 3200 and 3500. These levels are yet to be broken at the time of writing.
Shanghai SE Composite Index (SHCOMP) Price Predictions: Monthly Chart
The brief upward move was resisted at level 3500 which caused the index to fall in September and October. The index resumed upward in November and December to retest level 3500 resistance.
Shanghai SE Composite Index (SHCOMP) Price Predictions: Weekly Chart
On the weekly chart, the index has been fluctuating between level 3200 and 3500 after the upward move in July. Buyers and sellers are in a price tussle in that range as neither of them could break the range-bound levels.
Conclusion
The year 2020 could bring the collapse of China’s economy. This was as a result of fears over the COVID-19 which triggered a sharp fall in Chinese shares when the market reopened after the Lunar New Year holiday. The Shop index closed nearly 8% lower, its biggest daily drop for more than four years. The stock market may rise to 2021. The Shcomp gained 0.99% and the Hang Seng rose 0.16%. and Nikkei 225 lost 0.04%.
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