Shanghai: SSE Composite Index (.SSEC) Asian markets mixed

Shanghai: SSE Composite Index (.SSEC) Asian markets mixed

Shanghai: SSE Composite Index (.SSEC) Asian markets mixed

Asian markets were mixed Wednesday and the euro struggled to recover from recent selling pressure as a brewing spat between Italy and the European Union fans fears of another crisis in the eurozone.

While the China-US trade row simmers, the source of angst among dealers has moved to Rome after the populist government passed a purse-busting budget last week that drew a rebuke from Brussels and warnings to abide by EU rules on public spending.

Hong Kong added 0.4 percent after plunging more than two percent and Sydney put on 0.3 percent. Singapore gained 0.6 percent and Jakarta was up 0.4 percent but Wellington, Taipei and Manila were all down.

Shanghai and Seoul were closed for public holidays.

On currency markets the dollar held above 15,000 Indonesian rupiah after breaking the mark Tuesday for the first time since 1998 during the Asian financial crisis.

The rupiah has suffered, along with many other emerging market units, as rising US interest rates lead investors to withdraw in search of better returns, while a jump in oil prices has hit Indonesia’s current account — leading to concerns about its finances.

In a bid to support the local currency the government is considering measures to attract investment and help exporters.

Overall, the bias in prices is: Sideways.

The projected upper bound is: 2,918.96.

The projected lower bound is: 2,725.69.

The projected closing price is: 2,822.33.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 25 white candles and 25 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 82.1061. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 10 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 61.80. 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 58 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 115.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 7 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 7 period(s) ago.

Rex Takasugi – TD Profile

SSE COMPOSITE closed up 29.575 at 2,821.350. Volume was 6% above average (neutral) and Bollinger Bands were 10% narrower than normal.

Open High Low Close Volume___
2,794.2642,821.7552,791.8362,821.35013,429,045,248

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

Moving Averages: 10-period 50-period 200-period
Close: 2,749.20 2,758.91 3,074.68
Volatility: 21 22 21
Volume: 12,248,053,760 12,543,600,640 15,003,001,856

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 8.2% below its 200-period moving average and is in an upward 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 bullish on .SSEC and have had this outlook for the last 5 periods.

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