Shanghai: SSE Composite Index (.SSEC) stocks mixed amid better-than-expected Chinese manufacturing activity
Asia stocks were mixed on Monday as Chinese factory activity in September came in above expectations.
Mainland Chinese stocks slipped on the day, with the Shanghai composite shedding 0.92% to about 2,905.19 and Shenzhen component falling 1.08% to 9,446.24. The Shenzhen composite also slipped 1.058% to approximately 1,595.21.
Over in Hong Kong, the Hang Seng index rose 0.52%, as of its final hour of trading, as shares of Hong Kong Exchanges and Clearing advanced 1.06%.
Overall, the bias in prices is: Downwards.
The projected upper bound is: 2,978.07.
The projected lower bound is: 2,831.55.
The projected closing price is: 2,904.81.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 29 white candles and 21 black candles for a net of 8 white 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 4.5920. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a sell 10 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 40.70. 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 sell 9 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 -168.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a sell 11 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 7 period(s) ago.
Rex Takasugi – TD Profile
SSE COMPOSITE closed down -26.978 at 2,905.189. Volume was 36% below average (neutral) and Bollinger Bands were 23% narrower than normal.
Open High Low Close Volume___
Short Term: Oversold
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 2,965.38 2,912.42 2,880.59
Volatility: 14 16 23
Volume: 16,752,912,384 17,618,034,688 22,915,710,976
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 0.9% 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 25 periods.