Shanghai: SSE Composite Index (.SSEC) Close a Bit up; ChiNext Rises Over 1%
ChiNext closed up 1 percent due to the optimis over MSCI increasing the weighting of Chinese shares in the Emerging Markets Index, while Shanghai market shares climbed a mere 0.3 percent.
The Shanghai Composite Index closed at 2,907.10, up 0.03 percent. The Shenzhen Component Index grew 0.53 percent to 9,677.23. The ChiNext Price Index, which tracks Shenzhen-listed growth enterprises, rose 1.04 percent to 1,679.08.
MSCI will boost the weight of existing large-caps and add a batch of mid-caps to take mainland-listed shares’ overall weighting to 4.1 percent in its Emerging Markets Index.
Overall, the bias in prices is: Downwards.
By the way, prices are vulnerable to a correction towards 2,936.82.
The projected upper bound is: 2,966.12.
The projected lower bound is: 2,843.30.
The projected closing price is: 2,904.71.
A black body occurred (because prices closed lower 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 43.3685. 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 44.77. 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 sell 45 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 -37. This is not a topping or bottoming area. The last signal was a buy 6 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 11 period(s) ago.
Rex Takasugi – TD Profile
SSE COMPOSITE closed up 0.892 at 2,907.060. Volume was 4% above average (neutral) and Bollinger Bands were 24% 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: 2,906.29 2,953.34 2,950.03
Volatility: 11 13 23
Volume: 14,223,130,624 15,736,268,800 23,067,557,888
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 1.5% 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 34 periods.