The Shanghai Stock Exchange Composite Index (SSEC) is the major index of the Shanghai Stock Exchange (SSE). For those who do not know, the SSE is the world’s third largest stock market by market capitalization despite not being entirely open to foreign investors. Some of the notable publicly listed companies’ shares that are traded here are PetroChina and Bank of China. Anyway, chart-wise, the SSEC formed the symmetrical triangle formation from August of 2009 up to March of 2010. Then it broke down from the said formation a month after. Coming from a 500 point drop from the bearish symmetrical triangle, it was followed up with an inverted flag formation which also propelled the index lower. In the chart shown, the current support of the Shanghai based stock exchange index is 2,391.74. If it further declines below the 2,391.74 price mark, the next support could be 2,037.02. On the upside, the current resistance of the SSE is 2,481.97. If it manages to clear out that marker, the next resistance could be 2,600.00.
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