SSE Composite Index Index Forecast
SSE Composite Index index downgraded from Strong Buy Candidate to Buy Candidate after Tuesday trading session.
(Updated on Apr 30, 2024)
The SSE Composite Index index price fell by -0.264% on the last day (Tuesday, 30th Apr 2024) from $3,113.04 to $3,104.82. During the last trading day the index fluctuated 0.612% from a day low at $3,104.29 to a day high of $3,123.29. The price has risen in 6 of the last 10 days and is up by 3.25% over the past 2 weeks. Volume has increased on the last day by 45 billion shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 44 billion shares were bought and sold for approximately $136.68 trillion.
The index lies in the upper part of a weak rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $3,138.69 will firstly indicate a stronger rate of rising. Given the current short-term trend, the index is expected to rise 9.09% during the next 3 months and, with a 90% probability hold a price between $3,194.45 and $3,423.87 at the end of this 3-month period.
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000001.SS Signals & Forecast
The SSE Composite Index index holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $3,067.26 and $3,053.16. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Monday, April 29, 2024, and so far it has fallen -0.264%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the index should be followed more closely.
Support, Risk & Stop-loss for SSE Composite Index index
SSE Composite Index finds support from accumulated volume at $3,088.64 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the index tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the index moved $18.99 between high and low, or 0.612%. For the last week the index has had daily average volatility of 0.97%.
Our recommended stop-loss: $3,016.02 (-2.86%) (This index has low daily movements and this gives low risk. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (000001.SS) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect SSE Composite Index to open at $3,110.80, and during the day (based on 14 day Average True Range), to move between $3,067.69 and $3,141.96, which gives a possible trading interval of +/-$37.14 (+/-1.20%) up or down from last closing price. If SSE Composite Index takes out the full calculated possible swing range there will be an estimated 2.39% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $3,113.04 (0.26%) than the support at $3,088.64 (0.52%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is SSE Composite Index index A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for SSE Composite Index index to perform well in the short-term. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this index since the last evaluation from a Strong Buy to a Buy candidate.
Current score: 1.172 Buy Candidate Downgraded
Predicted Opening Price for SSE Composite Index of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $3,110.80 ( 0.193%) | $3,104.82 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 000001.SS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3,129.80 | 0.80 % | |
| R2 | 3,122.54 | 0.571 % | ||
| R1 | 3,118.06 | 0.426 % | ||
| Current price: | 3,104.82 | |||
| Support | S1 | 3,103.55 | -0.0412 % | |
| S2 | 3,099.06 | -0.186 % | ||
| S3 | 3,091.81 | -0.419 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 3,113.04 | 0.265 % | ||
| Current price | 3,104.82 | |||
| Support | S1 | 3,088.64 | -0.521% | |
| S2 | 3,074.22 | -0.99% | ||
| S3 | 2,957.85 | -4.73% |
FAQ
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