Shanghai: SSE Composite Index (.SSEC) Investors seen taking profits before National Day in October
Chinese stocks fell and the yuan weakened as caution descended on the country’s financial markets ahead of its 70th anniversary celebrations.
The Shanghai Composite Index closed down 1% at 2,977, while the yuan weakened as much as 0.52% to 7.1287 a dollar. The currency has traded near 7.1 and around its 30-day moving average for about a week, with the People’s Bank of China keeping its daily fixing stronger than that level even as the yuan slumped.
No positive news came from the US-China trade talks in Washington, while unrest continued for the 16th consecutive weekend in Hong Kong.
Investors remain unconvinced that China and the U.S. are making meaningful progress on trade. China’s cancellation of a planned visit to American farms was done at the request of the U.S., people familiar with the matter said. Onshore financial markets will be shut for five trading sessions from the Oct. 1 National Day.
Overall, the bias in prices is: Upwards.
By the way, prices are vulnerable to a correction towards 2,942.34.
The projected upper bound is: 3,050.30.
The projected lower bound is: 2,905.71.
The projected closing price is: 2,978.01.
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 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 38.9377. 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 54.51. 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 4 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 -49. This is not a topping or bottoming area. The last signal was a sell 6 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 2 period(s) ago.
Rex Takasugi – TD Profile
SSE COMPOSITE closed down -29.370 at 2,977.077. Volume was 10% below average (neutral) and Bollinger Bands were 1% narrower than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 3,006.33 2,911.01 2,872.69
Volatility: 14 16 24
Volume: 20,364,359,680 17,573,062,656 22,943,455,232
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 3.6% above its 200-period moving average and is in an upward trend. Volatility is Our volume indicators reflect volume flowing into and out of .SSEC at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on .SSEC and have had this outlook for the last 20 periods. our momentum oscillator has set a new 14-period low while the security price has not. This is a bearish divergence.
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