Shanghai: SSE Composite Index (.SSEC) stocks rise on regulator leadership change
China stocks rose on Monday morning, amid hopes that leadership changes at the country’s securities watchdog could breathe life into a struggling market, but gains were capped by downbeat industrial profit data.
There are signs money continues to shun risky assets, while chasing high-quality bonds, amid lingering worries about the Sino-US trade relationship.
China’s bluechip CSI300 index rose 0.5 percent, to 3,201.07 points, by the end of the morning session, while the Shanghai Composite Index gained 0.3 percent, to 2,610.14 points.
Hong Kong shares followed Wall Street higher. The Hang Seng index added 0.4 percent, to 27,684.23 points, while the Hong Kong China Enterprises Index gained 0.6 percent, to 10,934.91.
China has appointed banking veteran Yi Huiman to head the China Securities Regulatory Commission (CSRC), putting governance of the nation’s stock markets in his hands at a time when investor confidence has been hit by a slowing economy and US tariffs.
Overall, the bias in prices is: Sideways.
The projected upper bound is: 2,671.94.
The projected lower bound is: 2,519.16.
The projected closing price is: 2,595.55.
A black body occurred (because prices closed lower 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 26 white candles and 24 black candles for a net of 2 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 52.2102. This is not an overbought or oversold reading. The last signal was a sell 4 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 56.71. 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 69 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 104.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 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 15 period(s) ago.
Rex Takasugi – TD Profile
SSE COMPOSITE closed down -4.747 at 2,596.977. Volume was 3% below average (neutral) and Bollinger Bands were 16% narrower than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 2,585.80 2,576.36 2,786.68
Volatility: 14 19 24
Volume: 15,706,099,712 14,887,879,680 14,083,900,416
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 6.8% below 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.
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