SHCOMP Finally End the Downtrend of a Week

SHCOMP CHART PRICE – SHCOMP DAILY

Since mid-March, the Shanghai Composite Index has been rising, reflecting the good performance of China during the epidemic and the stable recovery of the economy. However,  China–United States relationship has become increasingly tense, which has also brought pressure on the Shanghai Composite Index. The prediction on the downward trend that I published two days ago is very accurate, and the price currently stands at the support level of 3200. According to the Bollinger Band, the price has reached the middle band on the daily chart, and the price on the 4 hours chart has reached the lower band of the Bollinger band. Also, the Bollinger band has shrunk gradually. There is a dead cross above the zero axes on MACD, which is a weak dead cross. RSI indicator is at the level of 54%. On Friday, the candle bar shows a long-legged Doji, which is a signal of the closing contraction, however, it is shown may because it is Friday. Whether SHCOMP will be broken up needs to wait for the confirmation at the next step. Hope the downward trend will end here and it grabs the opportunity to go up. 

This post does not provide Financial Advice for traders, its merely purpose is education, use all the information available from different Analysts and build your own strategy, trading is not for everyone, you should only trade with money you can afford to lose, past performance is not an indicator of future results.