Shanghai: SSE Composite Index (.SSEC) declined as investors worried about the ongoing trade tensions between the United States and China

Shanghai: SSE Composite Index (.SSEC) declined as investors worried about the ongoing trade tensions between the United States and China

Shanghai: SSE Composite Index (.SSEC) declined as investors worried about the ongoing trade tensions between the United States and China

Asia markets declined on Thursday as investors worried about the ongoing trade tensions between the United States and China.

Mainland Chinese shares slipped on the day, as the Shanghai composite declined 1.36% to about 2,852.52 and the Shenzhen component fell 2.56% to 8,809.53. The Shenzhen composite also dropped 2.432% to approximately 1,503.37.

Overall, the bias in prices is: Downwards.

Note: this chart shows extraordinary price action to the downside.

The projected upper bound is: 2,993.17.

The projected lower bound is: 2,707.17.

The projected closing price is: 2,850.17.

Candlesticks

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 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 37.9813. This is not an overbought or oversold reading. The last signal was a sell 4 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 36.78. 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 9 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 -132.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a buy 9 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 sell 26 period(s) ago.

Rex Takasugi – TD Profile

SSE COMPOSITE closed down -39.189 at 2,852.515. Volume was 34% below average (neutral) and Bollinger Bands were 34% wider than normal.

Open High Low Close Volume___
2,880.8432,885.1392,846.9562,852.51519,734,030,336

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

Moving Averages: 10-period 50-period 200-period
Close: 2,902.40 3,069.15 2,776.16
Volatility: 30 30 28
Volume: 22,661,158,912 32,889,485,312 21,177,876,480

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 2.8% above its 200-period moving average and is in an downward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect very strong flows of volume out of .SSEC (bearish). Our trend forecasting oscillators are currently bearish on .SSEC and have had this outlook for the last 17 periods.

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