Shanghai SE Composite Index (SHCOMP) Retests Level 3350.000, Resumes Downward Move

Shanghai SE Composite Index (SHCOMP) Retests Level 3350.000, Resumes Downward Move

  1. Key Resistance Zones: 3500, 3600, 3700
    Key Support Zones: 2800, 2700, 2600

    Shanghai SE Composite Index (SHCOMP) Long-term Trend: Bearish
    SHCOMP continues its downward move. On January 29 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that SHCOMP will decline to level 1.618 Fibonacci extension. That is the low of level 3324.521.
SHCOMP – Daily Chart

Daily Chart Indicators Reading:
SHCOMP has fallen to level 46 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 upward indicating the upward.

Shanghai SE Composite Index (SHCOMP) Medium-term Trend: Bearish
On the 4- hour chart, the index is in a downward move. On January 29 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that SHCOMP will decline to level 1.618 Fibonacci extensions. That is the low of level 3327.509.

SHCOMP – 4 Hour Chart

4-hour Chart Indicators Reading
SHCOMP is above the 40% range of daily stochastic. The index is in a bullish momentum. Buyers are expected to emerge in the oversold region. The 21-day SMA and the 50-day SMA are sloping downward indicating the downtrend.

General Outlook for Shanghai SE Composite Index (SHCOMP)
SHCOMP has resumed its downward move. The index retested level 3350.000 twice before resuming downward. According to the Fibonacci tool, the downtrend will extend to level 3327.509.



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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.