Shanghai: SSE Composite Index (.SSEC) new Nasdaq-style tech board, the “STAR Market,” mostly declined after seeing strong gains
Stocks in Asia Pacific edged up on Tuesday, as investors await closely-watched central bank meetings in the coming days.
Mainland Chinese stocks were higher on the day, with the Shenzhen composite 0.877% higher to 1,545.87 and the Shenzhen component rising 0.58% to 9,175.83, while the Shanghai composite was 0.45% higher at 2,899.94.
Shares on China’s new Nasdaq-style tech board, the “STAR Market, ” mostly declined on Tuesday after seeing massive gains on their debut trading day on Monday.
Overall, the bias in prices is: Downwards.
By the way, prices are vulnerable to a correction towards 2,951.96.
The projected upper bound is: 2,990.45.
The projected lower bound is: 2,809.29.
The projected closing price is: 2,899.87.
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 25 white candles and 25 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 33.2162. This is not an overbought or oversold reading. The last signal was a buy 6 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 42.67. 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 51 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 -113.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 11 period(s) ago.
Rex Takasugi – TD Profile
SSE COMPOSITE closed up 12.970 at 2,899.945. Volume was 51% below average (consolidating) and Bollinger Bands were 33% narrower than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 2,918.74 2,925.47 2,814.86
Volatility: 12 20 27
Volume: 14,754,015,232 19,589,046,272 22,661,709,824
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 3.0% above 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 5 periods.