Shanghai: SSE Composite Index (.SSEC) shares rally
Chinese stocks closed higher on Thursday, with the 5G and liquor industries leading the bullish trend.
The benchmark Shanghai Composite Index gained 0.69 percent to close at 2,996.79 points while the Shenzhen Component Index closed at 9,239.48 points, up 1.28 percent.
The combined turnover in the two indices stood at 475.8 billion yuan (about 69.18 billion U.S. dollars), rising from 391.7 billion yuan the previous trading day.
Most stocks rose, with gainers outnumbering losers by 864 to 473 on the Shanghai bourse and 1,284 to 717 in Shenzhen.
Stocks of 5G and liquor were among the bellwethers. Montnets Rongxin Technology Group Co.,Ltd., a company specialized in wireless technology and electricity-related equipment, soared by the daily limit of 10 percent to end at 15.46 yuan per share. Shares of Kweichow Moutai, China’s leading liquor brand, surged to a historic high of 1,001 yuan in the morning session and closed at 996.35 yuan per share.
Overall, the bias in prices is: Upwards.
The projected upper bound is: 3,120.02.
The projected lower bound is: 2,865.89.
The projected closing price is: 2,992.96.
A white body occurred (because prices closed higher 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 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 67.8653. This is not an overbought or oversold reading. The last signal was a sell 1 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 59.03. 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 33 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 92. 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 22 period(s) ago.
Rex Takasugi – TD Profile
SSE COMPOSITE closed up 20.509 at 2,996.792. Volume was 37% below average (neutral) and Bollinger Bands were 36% narrower than normal.
Open High Low Close Volume___
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 2,953.00 2,974.55 2,792.87
Volatility: 17 27 27
Volume: 21,498,882,048 24,082,003,968 22,098,167,808
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 7.3% above its 200-period moving average and is in an upward trend. Volatility is relatively normal 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 9 periods.