Shanghai: SSE Composite Index (.SSEC) aiming to consolidate itself as an international business hub
The city of Shanghai, on China”s east coast, is aiming to consolidate itself as an international business hub and local authorities have presented a series of policies to attract more foreign companies.
Considered one of the main development zones in China, the city will cut red tape to make it easier for more multinational corporations to open regional offices in the territory, stated Yang Chao, deputy director of Shanghai’s Municipal Trade Committee.
Currently, the city hosts more than 700 subsidiaries of renowned international companies, but the objective is to substantially increase that number, he noted.
According to Yang, the plan is to attract more firms to establish their offices in the city, especially in the fields of science and technology, and research and development (R&D), among other sectors.
The official added that among the requirements to establish subsidiaries in Shanghai, parent companies must have total assets of at least 200 million dollars.
Other measures have been taken to boost efforts to provide regional branches with better services to protect intellectual property.
Two years ago, Shanghai surpassed the Chinese region of Hong Kong and Singapore as the world’s largest international trading city.
Overall, the bias in prices is: Downwards.
By the way, prices are vulnerable to a correction towards 2,899.58.
The projected upper bound is: 2,908.93.
The projected lower bound is: 2,738.56.
The projected closing price is: 2,823.74.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 26 white candles and 24 black candles for a net of 2 white candles.
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.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 76.1235. This is not an overbought or oversold reading. The last signal was a buy 6 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 42.43. 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 6 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 -10. This is not a topping or bottoming area. The last signal was a buy 5 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 0 period(s) ago.
Rex Takasugi – TD Profile
SSE COMPOSITE closed up 8.026 at 2,823.824. Volume was 30% below average (neutral) and Bollinger Bands were 2% narrower than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 2,799.78 2,913.63 2,832.29
Volatility: 18 19 24
Volume: 15,618,888,704 17,638,653,952 22,732,189,696
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.
SSE COMPOSITE is currently 0.3% below its 200-period moving average and is in an downward trend. Volatility is relatively normal 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 bearish on .SSEC and have had this outlook for the last 23 periods.