SSE Composite Index (.SSEC) Shanghai Composite down 0.97%

SSE Composite Index (.SSEC) Shanghai Composite down 0.97%

SSE Composite Index (.SSEC) Shanghai Composite down 0.97%

China stocks were lower after the close on Wednesday, as losses in the Software & Computer Services, Technology and Telecoms sectors led shares lower.

At the close in Shanghai, the Shanghai Composite lost 0.97%, while the SZSE Component index lost 1.49%.

The best performers of the session on the Shanghai Composite were Shenyang Jinbei Automotive Co Ltd (SS:600609), which rose 10.05% or 0.420 points to trade at 4.600 at the close. Meanwhile, BanBao Co Ltd (SS:603398) added 10.02% or 1.580 points to end at 17.350 and Sichuan Tianyi Science & Technology Co Ltd (SS:600378) was up 10.01% or 0.960 points to 10.550 in late trade.

The worst performers of the session were Jilin Expressway Co Ltd (SS:601518), which fell 10.11% or 0.380 points to trade at 3.380 at the close. Henan Rebecca Hair Products Co Ltd (SS:600439) declined 10.06% or 0.480 points to end at 4.290 and Jiangxi Lianchuang Opto-electronic Science & Technology Co Ltd (SS:600363) was down 10.01% or 1.100 points to 9.890.

Overall, the bias in prices is: Downwards.

By the way, prices are vulnerable to a correction towards 3,181.09.

The projected upper bound is: 3,134.19.

The projected lower bound is: 2,960.97.

The projected closing price is: 3,047.58.

Candlesticks

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 23 white candles and 27 black candles for a net of 4 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 27.2346. This is not an overbought or oversold reading. The last signal was a sell 3 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 39.58. 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 52 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 -94. This is not a topping or bottoming area. The last signal was a buy 1 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 13 period(s) ago.

Rex Takasugi – TD Profile

SSE COMPOSITE closed down -30.005 at 3,049.796. Volume was 24% below average (neutral) and Bollinger Bands were 17% narrower than normal.

Open High Low Close Volume___
3,071.4643,071.4643,044.1203,049.79611,960,788,992

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

Moving Averages: 10-period 50-period 200-period
Close: 3,085.02 3,127.95 3,292.74
Volatility: 17 18 16
Volume: 12,277,934,080 13,840,478,208 17,147,088,896

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 7.4% below its 200-period moving average and is in an downward 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 bearish on .SSEC and have had this outlook for the last 9 periods.

 

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