Shanghai: SSE Composite Index (.SSEC) falter with telecoms operators suffering the biggest declines

Shanghai: SSE Composite Index (.SSEC) falter with telecoms operators suffering the biggest declines

Shanghai: SSE Composite Index (.SSEC) falter with telecoms operators suffering the biggest declines

China’s main equity indexes faltered on Wednesday, with telecoms operators suffering the biggest declines.

The benchmark Shanghai Composite Index closed down 0.43 percent to 2,941.62 points, and the smaller Shenzhen Component Index sank by 0.77 percent to 9, 567.75 points.

The blue chip CSI300 index shed 0.64 percent to 3, 871.08 points.

Turnover on the two major bourses totaled 368 billion yuan (US$51.91 billion), not far from 357 billion yuan in the previous trading session.

Most sectors dropped on the day, while shares of telecommunications operators, shipbuilders and liquor makers were among the biggest decliners.

Jewelry shares and the agriculture, forestry, animal husbandry and fishery industries led the gains.

On the new STAR Market, 33 out of 34 shares rose. Shares of Shenzhen Chipscreen biosciences Co Ltd surged by 20 percent. The only loser was Micro-Tech (Nanjing) Co Ltd.

Technical Indicators

Overall, the bias in prices is: Sideways.

The projected upper bound is: 3,011.99.

The projected lower bound is: 2,877.81.

The projected closing price is: 2,944.90.

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 29 white candles and 21 black candles for a net of 8 white 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 32.3748. This is not an overbought or oversold reading. The last signal was a sell 5 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 47.13. 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 21 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 -20. This is not a topping or bottoming area. The last signal was a sell 6 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 2 period(s) ago.

Rex Takasugi – TD Profile

SSE COMPOSITE closed down -12.761 at 2,941.619. Volume was 30% below average (neutral) and Bollinger Bands were 36% narrower than normal.

Open     High      Low     Close     Volume___
2,952.9692,957.3002,934.6272,941.61912,381,288,448
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period     50-period     200-period
Close: 2,965.01 2,926.32 2,903.06
Volatility: 14 15 23
Volume: 14,556,090,368 17,254,289,408 23,049,627,648

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 1.3% above its 200-period moving average and is in an downward 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 bearish on .SSEC and have had this outlook for the last 10 periods.

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