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Brief discussion on Shanghai Composite and JKSE

Shanghai Composite looks to me getting resistance at 3000 level, it has already tried many times to cross this level but it is getting hard for it. Looks like it is creating a pattern.

If it able to break this crucial level then we may see it going for 3200 level. Right now I am not comfortable with this Shanghai Composite, unless it gives us a clear sign. Though it is not in a overbought condition so if other things are ok then I will be looking for it to break this 3000 level in coming days. But if the general trend becomes down then it may try to re-test 2800 level for breaking the 3000 level.

JKSE’s move in some aspect is similar with DAX index. JKSE  is in the higher levels but that is the condition of many other indexes. It may be trading in a range.

3650 level is crucial for JKSE, I will be looking whether in coming day it test this level. It is also making a pattern though it will be clear in coming days, but it is in overbought condition right now. Since market are following overall trend so it will be hard for any market to de-couple.

NOTE :  Please see the disclaimer below this blog .

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