SSE dominated by bulls lifting the market higher throughout the day
SSE Composite Index (SSE) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
SSE ended the month 4.64% higher at 2984.67 after gaining CN¥23.15 (0.78%) today. Today's close at 2984.67 marks the highest recorded closing price since March 10th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 2977.91, the index confirmed its breakout through the prior session high after trading up to CN¥12.92 above it intraday.
Daily Candlestick Chart (SSE as at Jun 30, 2020):
Tuesday's trading range has been CN¥25.72 (0.87%), that's slightly below the last trading month's daily average range of CN¥26.23. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for SSE.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on June 24th, SSE actually lost -0.61% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Up Move" stand out. Its common bullish interpretation has been confirmed for SSE Index. Out of 484 times, SSE closed higher 60.12% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 58.26% with an average market move of 0.58%.