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Shanghai: SSE Composite Index (.SSEC) Rebound Expected

Shanghai: SSE Composite Index (.SSEC) Rebound Expected

The Shanghai Composite has given back most of its recent breakout to finish 0.8% lower at 2879 points, getting back below recent resistance above 2900 points.

The Hang Seng Index is following in lockstep, down 0.9% to 28646, taking back yesterdays gains but still looking like a swing play move higher off of support at 28000 points proper.

Overall, the bias in prices is: Downwards.

The projected upper bound is: 2,984.21.

The projected lower bound is: 2,768.75.

The projected closing price is: 2,876.48.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 3 white candles and 7 black candles for a net of 4 black candles. During the past 50 bars, there have been 21 white candles and 29 black candles for a net of 8 black candles.

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 90.0239. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 7 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 52.28. 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 13 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 132.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 13 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 13 period(s) ago.

Rex Takasugi – TD Profile

SSE COMPOSITE closed down -21.421 at 2,882.225. Volume was 18% above average (neutral) and Bollinger Bands were 16% narrower than normal.

Open High Low Close Volume___
2,905.7942,915.2972,875.7012,882.22516,842,820,608

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

Moving Averages: 10-period 50-period 200-period
Close: 2,838.34 2,952.77 3,217.01
Volatility: 18 24 19
Volume: 14,514,106,368 13,571,905,536 16,124,940,288

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 10.4% 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 2 periods.