shanghai composite index technical forecast may 2013

shanghai composite index weekly chart forecasts

shanghai composite index today closed at 2324 with gains.on daily chart shanghai composite index already given short term bullish breakout at 2250 when it moved above 3 month average.

while on weekly chart,shanghai index is near fresh medium term breakout.trading above 6 and 12 month average which are 2250-2260 range while on upside 2355 is 2 years average level and strong resistance.in feb 2013 we seen bullish breakout but failed to sustain it and then shown dips upto 2150.

shanghai index on weekly chart showing bullish momentum on indicators side.rsi at 56 and with bullish divergence while cci is +85 and given reversal from –100 which was 2175 levels on index.

for year 2013,above 2230 on weekly closing basis.this shanghai index remain buy and targets are 2500 and then 2730.

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