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Monday, December 6, 2021

Shanghai: SSE Composite Index (.SSEC) markets rise as investors shift attention from US-Iran conflict

Shanghai: SSE Composite Index (.SSEC) markets rise as investors shift attention from US-Iran conflict

Investors are turning their focus back to the US-China trade deal following a week of tense activity in the Middle East.

On Friday, Japan’s Nikkei 225 rose 0.3%. South Korea’s Kospi gained 0.7%.

Hong Kong’s Hang Seng Index edged up 0.2%, while China’s Shanghai Composite added 0.3%.

China confirmed on Thursday that its top trade negotiator Liu He will lead a delegation and travel to Washington to sign the initial trade deal next week.

It was the first time China officially confirmed the signing plans after US President Donald Trump said last month that he would sign the trade deal at the White House on January 15.

Trump also said he would travel to Beijing “at a later date” to begin a new phase of trade negotiations.

Oil futures continued to edge lower after Trump signaled a de-escalation of tensions between the United States and Iran.

US oil futures shed 0.3% to $59.40 per barrel during Friday’s trading hours in Asia, poised to fall for a fourth straight session. Brent crude, a global oil benchmark, dropped 0.2% to $65.25 per barrel.

Technical Indicators

Overall, the bias in prices is: Upwards.

Note: this chart shows extraordinary price action to the upside.

By the way, prices are vulnerable to a correction towards 2,994.98.

The projected upper bound is: 3,157.10.

The projected lower bound is: 3,034.01.

The projected closing price is: 3,095.56.


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 30 white candles and 20 black candles for a net of 10 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 53.1643. This is not an overbought or oversold reading. The last signal was a sell 2 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 66.84. 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 2 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 76. This is not a topping or bottoming area. The last signal was a sell 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 buy 24 period(s) ago.

Rex Takasugi – TD Profile

SSE COMPOSITE closed down -2.591 at 3,092.291. Volume was 18% above average (neutral) and Bollinger Bands were 19% wider than normal.

Open     High      Low     Close     Volume___
Technical Outlook 
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period     50-period     200-period
Close: 3,070.64 2,963.52 2,966.71
Volatility: 13 13 20
Volume: 26,074,748,928 18,135,066,624 20,728,510,464

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 4.2% above its 200-period moving average and is in an upward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume into .SSEC (mildly bullish). Our trend forecasting oscillators are currently bullish on .SSEC and have had this outlook for the last 20 periods.

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