SSE Composite Index Index Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
Green day on Thursday for SSE Composite Index
(Updated on May 16, 2024)
The SSE Composite Index index price gained 0.0801% on the last trading day (Thursday, 16th May 2024), rising from $3,119.90 to $3,122.40. During the last trading day the index fluctuated 0.697% from a day low at $3,116.16 to a day high of $3,137.88. The price has been going up and down for this period, and there has been a 0.3% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 5 billion more shares were traded than the day before. In total, 37 billion shares were bought and sold for approximately $114.72 trillion.
The index lies in the middle of a narrow and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the index is expected to rise 4.66% during the next 3 months and, with a 90% probability hold a price between $3,193.73 and $3,311.77 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
000001.SS Signals & Forecast
The SSE Composite Index index holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the index giving a positive forecast for the stock. On further gains, the index will meet resistance from the short-term Moving Average at approximately $3,139.06. On a fall, the index will find some support from the long-term average at approximately $3,073.06. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal. 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 Friday, May 10, 2024, and so far it has fallen -1.02%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for SSE Composite Index index
SSE Composite Index finds support from accumulated volume at $3,104.82 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 $21.72 between high and low, or 0.697%. For the last week the index has had daily average volatility of 0.781%.
Our recommended stop-loss: $3,001.06 (-3.89%) (This index has low daily movements and this gives low risk. There is a sell signal from a pivot top found 4 days ago.)
Trading Expectations (000001.SS) For The Upcoming Trading Day Of Friday 17th
For the upcoming trading day on Friday, 17th we expect SSE Composite Index to open at $3,125.48, and during the day (based on 14 day Average True Range), to move between $3,091.00 and $3,153.80, which gives a possible trading interval of +/-$31.40 (+/-1.01%) up or down from last closing price. If SSE Composite Index takes out the full calculated possible swing range there will be an estimated 2.01% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $3,104.82 (0.56%) than the resistance at $3,140.72 (0.59%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is SSE Composite Index index A Buy?
SSE Composite Index holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: 0.814 Hold/Accumulate Unchanged
Predicted Opening Price for SSE Composite Index of Friday, May 17, 2024
| Fair opening price May 17, 2024 | Current price |
|---|---|
| $3,125.48 ( 0.0986%) | $3,122.40 |
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 | 3,147.20 | 0.794 % | |
| R2 | 3,138.90 | 0.528 % | ||
| R1 | 3,133.78 | 0.364 % | ||
| Current price: | 3,122.40 | |||
| Support | S1 | 3,117.19 | -0.167 % | |
| S2 | 3,112.06 | -0.331 % | ||
| S3 | 3,103.77 | -0.597 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3,154.55 | 1.03 % | |
| R2 | 3,148.02 | 0.82 % | ||
| R1 | 3,140.72 | 0.587 % | ||
| Current price | 3,122.40 | |||
| Support | S1 | 3,104.82 | -0.563% | |
| S2 | 3,088.64 | -1.08% | ||
| S3 | 2,957.85 | -5.27% |
FAQ
Click here for our free guide on how to buy SSE Composite Index Index.
