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Shanghai: SSE Composite Index (.SSEC) Trade war slams market again

Shanghai: SSE Composite Index (.SSEC) Trade war slams market again

The Shanghai Composite Index slid 2 per cent, or 56.51 points, to 2,768.02, extending a 1.8 per cent drop a day earlier. The sell-off put the benchmark of the mainland’s equities just 2 per cent shy of a 28-month low set on July 5.

“New threats from the US to increase tariffs indicate the trade disput looks to be worsening and broadening. This has led to more pessimistic sentiment in the financial market,” said Shayne Heffernan, CEO at Heffernan. “The cautious trading will last towards the end of this year.”

Overall, the bias in prices is: Downwards.

Note: this shows extraordinary price action to the downside.

The projected upper bound is: 2,867.93.

The projected lower bound is: 2,652.08.

The projected closing price is: 2,760.01.

Candlesticks

A black body occurred (because prices closed lower 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 19 white candles and 31 black candles for a net of 12 black candles.

A falling window occurred (where the bottom of the previous shadow is above the top of the current shadow). This usually implies a continuation of a bearish trend. There have been 6 falling windows in the last 50 candles–this makes the current falling window even more bearish.

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 20.8536. This is not an overbought or oversold reading. The last signal was a sell 3 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 37.79. 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 18 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 -119.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a sell 4 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 18 period(s) ago.

Rex Takasugi – TD Profile

SSE COMPOSITE closed down -56.510 at 2,768.024. Volume was 22% above average (neutral) and Bollinger Bands were 23% narrower than normal.

Open High Low Close Volume___
2,815.3442,815.3442,726.4822,768.02417,417,900,032

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

Moving Averages: 10-period 50-period 200-period
Close: 2,859.19 2,918.11 3,203.90
Volatility: 24 24 19
Volume: 16,257,456,128 13,619,057,664 16,071,792,640

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 gapped down today (bearish) on normal volume. Possibility of a Runaway Gap which usually signifies a continuation of the trend. Four types of price gaps exist – Common, Breakaway, Runaway, and Exhaustion. Gaps acts as support/resistance.

SSE COMPOSITE is currently 13.6% 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 7 periods. The security price has set a new 14-period low while our momentum oscillator has not. This is a bullish divergence.