Shanghai: SSE Composite Index (.SSEC) fell 0.24% even though China’s PMI data showed a contraction in manufacturing
The Shanghai Composite Index fell 0.24% even though China’s PMI data showed a contraction in manufacturing. The index ended 6.1% lower in May compared to the close in April. The index rose in early trade and then fell. The Shenzhen Component Index mimicked the Shanghai Composite and fell 0.23% on May 31.
On May 30, most China-focused ETFs were steady. The Shanghai Composite was also steady. The iShares MSCI China ETF (MCHI) lost 5 basis points on May 30, while the iShares China Large-Cap ETF (FXI) gained 0.11%. The tech-focused KraneShares CSI China Internet ETF (KWEB) gained 7 basis points. The Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR) was the biggest loss among major China-focused ETFs on May 30 with a loss of 0.61%.
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the downside.
By the way, prices are vulnerable to a correction towards 2,953.41.
The projected upper bound is: 3,030.08.
The projected lower bound is: 2,759.40.
The projected closing price is: 2,894.74.
A black body occurred (because prices closed lower 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 26 white candles and 24 black candles for a net of 2 white candles.
A long upper shadow occurred. This is typically a bearish signal (particularly when it occurs near a high price level, at resistance level, or when the security is overbought).
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
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 71.9664. This is not an overbought or oversold reading. The last signal was a sell 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 42.89. 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 15 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 35. This is not a topping or bottoming area. The last signal was a buy 4 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 buy 4 period(s) ago.
Rex Takasugi – TD Profile
SSE COMPOSITE closed down -7.109 at 2,898.696. Volume was 35% below average (neutral) and Bollinger Bands were 66% narrower than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 2,889.53 3,052.17 2,776.88
Volatility: 15 28 28
Volume: 20,054,118,400 30,258,364,416 21,320,120,320
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 4.4% 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 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 23 periods.
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