Shanghai: SSE Composite Index (.SSEC) hits 4-year low as investors flee market
Trading values on the Shanghai Stock Exchange, Asia’s second largest, slipped below the 100 billion yuan (US$14.6 billion) mark on Wednesday for the first time in four years.
Shares worth 98.4 billion yuan changed hands on the Shanghai bourse, the lowest level for a full-day trading session since August 29, 2014, when 92.8 billion yuan in turnover was recorded.
Overall, the bias in prices is: Downwards.
By the way, prices are vulnerable to a correction towards 2,891.63.
The projected upper bound is: 2,830.46.
The projected lower bound is: 2,605.78.
The projected closing price is: 2,718.12.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 23 white candles and 27 black candles for a net of 4 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 72.0302. This is not an overbought or oversold reading. The last signal was a buy 3 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 43.10. 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 33 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 -38. This is not a topping or bottoming area. The last signal was a buy 2 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 6 period(s) ago.
Rex Takasugi – TD Profile
SSE COMPOSITE closed up 10.016 at 2,724.625. Volume was 27% below average (neutral) and Bollinger Bands were 2% wider 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: 2,733.11 2,811.14 3,155.23
Volatility: 19 25 20
Volume: 11,240,027,136 13,478,282,240 15,819,303,936
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 13.6% below 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 5 periods.