Shanghai: SSE Composite Index (.SSEC) stocks lower at close of trade

Shanghai: SSE Composite Index (.SSEC) stocks lower at close of trade

Shanghai: SSE Composite Index (.SSEC) stocks lower at close of trade

Asian shares fell Thursday after deepening worries about global economic growth, particularly in China, set off a rout on Wall Street.

Earlier this week, reports on growth in factory output, consumer spending and retail sales in China were all slower than expected. But there was encouraging news in Beijing’s announcement that it is sending a sending a trade envoy to Washington, renewing efforts to resolve a worsening tariff dispute.

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 2,909.51.

The projected upper bound is: 2,808.13.

The projected lower bound is: 2,585.85.

The projected closing price is: 2,696.99.

Candlesticks

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 21 white candles and 29 black candles for a net of 8 black candles.

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 29.9238. 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 36.98. 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 28 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 -130.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.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 1 period(s) ago.

Rex Takasugi – TD Profile

SSE COMPOSITE closed down -18.066 at 2,705.192. Volume was 12% below average (neutral) and Bollinger Bands were 11% wider than normal.

Open High Low Close Volume___
2,691.4262,732.9492,672.7412,705.19212,027,788,288

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

Moving Averages: 10-period 50-period 200-period
Close: 2,755.40 2,847.51 3,172.55
Volatility: 27 25 20
Volume: 13,007,634,432 13,628,267,520 16,003,059,712

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 14.7% 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 0 periods.

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