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Shanghai: SSE Composite Index (.SSEC) lowest level since March 1, 2016

Shanghai: SSE Composite Index (.SSEC) lowest level since March 1, 2016

Beijing is expected to respond with tariffs of its own on US goods as the trade fight between the world two biggest economies threatens to damage global trade and investment.

The Shanghai Composite Index, which rose for the first time this week on Friday to eke out a 2.2 per cent gain after the People’s Bank of signalled it would adopt pro-growth policies, recorded a 14 per cent decline in the first half of the year.

Overall, the bias in prices is: Downwards.

The projected upper bound is: 3,008.41.

The projected lower bound is: 2,791.98.

The projected closing price is: 2,900.19.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 22 white candles and 28 black candles for a net of 6 black candles.

Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 94.7286. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 5 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 55.55. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 11 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 206.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 11 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 11 period(s) ago.

Rex Takasugi – TD Profile

SSE COMPOSITE closed up 46.019 at 2,905.562. Volume was 62% above average (neutral) and Bollinger Bands were 30% narrower than normal.

Open High Low Close Volume___
2,862.2672,911.4652,862.2672,905.56222,957,830,144

Technical Outlook
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bearish

Moving Averages: 10-period 50-period 200-period
Close: 2,821.30 2,964.29 3,221.53
Volatility: 24 24 19
Volume: 13,889,836,032 13,409,597,440 16,094,684,160

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary

SSE COMPOSITE is currently 9.8% below its 200-period moving average and is in an upward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of .SSEC at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on .SSEC and have had this outlook for the last 0 periods.