Shanghai: SSE Composite Index (.SSEC) all eyes on G20 summit
China’s main stock market indexes rebounded on Wednesday morning amid hopes that government support for the market could begin to bear fruit, but all eyes remain focused on the upcoming G20 summit for signs of easing trade war tensions.
At the midday break, China’s blue-chip CSI300 index was up 1.24 per cent after four straight days of losses, with its financial sector sub-index higher by 1.38 per cent, consumer staples sector up 1.79 per cent, real estate index up 2.09 per cent and healthcare sub-index up 0.42 per cent. The Shanghai Composite index was up 22.16 points or 0.86 per cent at 2,596.84.
US President Donald Trump is open to reaching a deal on trade irritants over dinner on Saturday with Chinese leader Xi Jinping but is ready to hike tariffs on Chinese imports if there is no breakthrough, White House economic adviser Larry Kudlow had said on Tuesday.
Chinese H-shares listed in Hong Kong rose 0.86 per cent to 10,606.05, while the Hang Seng Index was up 0.91 per cent at 26,572.35. The smaller Shenzhen index was up 0.95 per cent and the start-up board ChiNext Composite index was higher by 1.68 per cent.
Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.47 per cent, while Japan’s Nikkei index was up 1.03 per cent. The yuan was quoted at 6.9538 per US dollar, 0.02 per cent weaker than the previous close of 6.9525.
The largest percentage gainers in the main Shanghai Composite index were JiShi Media Co Ltd, up 10.14 per cent, followed by Guizhou BC&TV Information Network Co Ltd, gaining 10.08 per cent and NINGBO BIRD Co Ltd, up by 10.06 per cent. The largest percentage losses in the Shanghai index were Shanghai Xinhua Media Co Ltd, down 10.06 per cent, followed by Beihai Gofar Marine Biological Industry Co Ltd, losing 10.02 per cent and Jiangsu Holly Corp , down by 9.74 per cent.
Overall, the bias in prices is: Downwards.
By the way, prices are vulnerable to a correction towards 2,708.78.
The projected upper bound is: 2,731.07.
The projected lower bound is: 2,469.88.
The projected closing price is: 2,600.48.
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 25 white candles and 25 black 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 18.1512. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a sell 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 45.82. 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 28 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 -92. This is not a topping or bottoming area. The last signal was a buy 0 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 sell 3 period(s) ago.
Rex Takasugi – TD Profile
SSE COMPOSITE closed up 27.057 at 2,601.737. Volume was 1% above average (neutral) and Bollinger Bands were 33% narrower than normal.
Open High Low Close Volume___
Short Term: Oversold
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 2,632.53 2,647.92 2,929.91
Volatility: 23 31 25
Volume: 18,249,183,232 15,837,843,456 14,809,074,688
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 11.2% below its 200-period moving average and is in an upward trend. Volatility is low 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 9 periods.
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