Shanghai: SSE Composite Index (.SSEC) Investors Cautious

Shanghai: SSE Composite Index (.SSEC) Investors Cautious

Shanghai: SSE Composite Index (.SSEC) Investors Cautious

China stocks were lower after the close on Tuesday, as losses in the Life Insurance, Media and Software & Computer Services sectors led shares lower.

At the close in Shanghai, the Shanghai Composite declined 0.26%, while the SZSE Component index fell 0.12%.

The best performers of the session on the Shanghai Composite were Jinzhou Port Co Ltd A (SS:600190), which rose 10.07% or 0.280 points to trade at 3.060 at the close. Meanwhile, Pengqi Technology Development Co Ltd A (SS:600614) added 10.06% or 0.530 points to end at 5.800 and Holsin Engineering Consulting Group Co Ltd (SS:603909) was up 10.02% or 2.610 points to 28.670 in late trade.

The worst performers of the session were Wuxi New Hongtai Electrical Technology Co Ltd (SS:603016), which fell 9.98% or 2.440 points to trade at 22.010 at the close. Pengqi Technology Development Co Ltd B (SS:900907) declined 9.82% or 0.054 points to end at 0.496 and BTG Hotels Group Co Ltd (SS:600258) was down 7.18% or 1.090 points to 14.100.

The top performers on the SZSE Component were JPMF Guangdong Co Ltd (SZ:002600) which rose 10.12% to 2.83, Shenzhen Fenda Technology Co Ltd (SZ:002681) which was up 10.05% to settle at 4.16 and Suzhou Victory Precision Manufacture Co Ltd (SZ:002426) which gained 10.00% to close at 2.64.

Overall, the bias in prices is: Downwards.

By the way, prices are vulnerable to a correction towards 2,614.04.

The projected upper bound is: 2,612.59.

The projected lower bound is: 2,437.44.

The projected closing price is: 2,525.01.

Candlesticks

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 24 white candles and 26 black candles for a net of 2 black candles.

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 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 88.8651. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 9 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 45.87. 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 55 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 3 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 buy 1 period(s) ago.

Rex Takasugi – TD Profile

SSE COMPOSITE closed down -6.626 at 2,526.462. Volume was 10% above average (neutral) and Bollinger Bands were 3% narrower than normal.

Open High Low Close Volume___
2,530.3002,531.3452,520.1652,526.46215,809,917,952

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

Moving Averages: 10-period 50-period 200-period
Close: 2,501.12 2,591.46 2,830.14
Volatility: 17 21 24
Volume: 13,400,735,744 15,696,057,344 14,152,690,688

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 10.7% below 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 18 periods.

The following two tabs change content below.
HEFFX has become one of Asia’s leading financial services companies with interests in Publishing, Private Equity, Capital Markets, Mining, Retail, Transport and Agriculture that span every continent of the world. Our clearing partners have unprecedented experience in Equities, Options, Forex and Commodities brokering, banking, physical metals dealing, floor brokering and trading.

You must be logged in to post comments :  
CONNECT WITH