Shanghai: SSE Composite Index (.SSEC) shares mixed at close of trade

Shanghai: SSE Composite Index (.SSEC) shares mixed at close of trade

Shanghai: SSE Composite Index (.SSEC) shares mixed at close of trade

China equities were mixed at the close on Monday, as gains in the Software & Computer Services, Technology and Technology Hardware & Equipment sectors propelled shares higher while losses in the Banking, Life Insurance and Financials sectors led shares lower.

At the close in Shanghai, the Shanghai Composite declined 0.32%, while the SZSE Component index gained 0.36%.

The biggest gainers of the session on the Shanghai Composite were Shen Ma Industry Co Ltd (SS:600810), which rose 10.03% or 1.820 points to trade at 19.970 at the close. ButOne Information Corp XiAn (SS:600455) added 10.01% or 2.140 points to end at 23.510 and Liaoning Fu-An Heavy Industry Co Ltd (SS:603315) was up 10.00% or 1.150 points to 12.650 in late trade.

Overall, the bias in prices is: Downwards.

By the way, prices are vulnerable to a correction towards 2,913.43.

The projected upper bound is: 2,878.38.

The projected lower bound is: 2,658.82.

The projected closing price is: 2,768.60.

Candlesticks

A black body occurred (because prices closed lower 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 21 white candles and 29 black candles for a net of 8 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 79.5105. This is not an overbought or oversold reading. The last signal was a sell 0 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 44.21. 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 26 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 -33. This is not a topping or bottoming area. The last signal was a buy 5 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 0 period(s) ago.

Rex Takasugi – TD Profile

SSE COMPOSITE closed down -10.950 at 2,774.922. Volume was 84% below average (consolidating) and Bollinger Bands were 1% narrower than normal.

Open High Low Close Volume___
2,780.7362,784.4452,770.4262,774.9222,123,947,904

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

Moving Averages: 10-period 50-period 200-period
Close: 2,771.21 2,863.41 3,179.31
Volatility: 28 25 20
Volume: 12,996,855,808 13,456,587,776 15,972,188,160

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 12.7% below 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 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 15 periods.

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