Shanghai: SSE Composite Index (.SSEC) More lock-up shares eligible for trade
Lock-up shares worth about 137 billion yuan (about 21 billion U.S. dollars) will become eligible for trading on China’s bourses next week, the highest weekly market cap in June.
Over 7.7 billion shares will become tradable on the Shanghai and Shenzhen stock exchanges.
Under China’s market rules, major shareholders must wait one to two years before they are permitted to sell their shares.
Chinese stocks mildly rebounded Friday, with the benchmark Shanghai Composite Index up 0.49 percent to end at 2,889.76 points. The Shenzhen Component Index closed 1 percent higher at 9,409.95 points.
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 3,116.56.
The projected upper bound is: 2,980.41.
The projected lower bound is: 2,787.09.
The projected closing price is: 2,883.75.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 22 white candles and 28 black candles for a net of 6 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 16.7280. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a sell 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 27.41. This is where it usually bottoms. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 58 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 -141.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a buy 7 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 19 period(s) ago.
Rex Takasugi – TD Profile
SSE COMPOSITE closed up 13.950 at 2,889.760. Volume was 18% below average (neutral) and Bollinger Bands were 32% wider than normal.
Open High Low Close Volume___
Short Term: Oversold
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 2,990.47 3,102.48 3,282.65
Volatility: 24 20 17
Volume: 13,915,100,160 13,792,473,088 17,049,423,872
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 12.0% below its 200-period moving average and is in an downward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. Our volume indicators reflect moderate flows of volume out of .SSEC (mildly bearish). Our trend forecasting oscillators are currently bearish on .SSEC and have had this outlook for the last 15 periods. Our momentum oscillator is currently indicating that .SSEC is currently in an oversold condition.
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