Shanghai: SSE Composite Index (.SSEC) stocks higher at close of trade
At the close in Shanghai, the Shanghai Composite added 1.89%, while the SZSE Component index added 2.87%.
The best performers of the session on the Shanghai Composite were Tianjin Quanyechang Group Co Ltd (SS:600821), which rose 10.09% or 0.470 points to trade at 5.130 at the close. Meanwhile, Shanghai Fosun Pharmaceutical Group Co Ltd (SS:600196) added 10.01% or 3.060 points to end at 33.630 and Hunan Baili Engineering Sci & Tech Co Ltd (SS:603959) was up 10.00% or 1.400 points to 15.400 in late trade.
Overall, the bias in prices is: Downwards.
The projected upper bound is: 2,890.87.
The projected lower bound is: 2,661.29.
The projected closing price is: 2,776.08.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 24 white candles and 26 black candles for a net of 2 black candles.
Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.
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 87.2581. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 5 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 51.22. 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 35 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 61. This is not a topping or bottoming area. The last signal was a buy 4 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 1 period(s) ago.
Rex Takasugi – TD Profile
SSE COMPOSITE closed up 51.468 at 2,780.899. Volume was 1% below average (neutral) and Bollinger Bands were 16% narrower than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 2,726.02 2,800.02 3,149.01
Volatility: 22 26 20
Volume: 11,082,170,368 13,424,835,584 15,766,154,240
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 11.7% below its 200-period moving average and is in an downward 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 bearish on .SSEC and have had this outlook for the last 7 periods. Our momentum oscillator has set a new 14-period high while the security price has not. This is a bullish divergence.
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