NOTE: Winston from InvestIdeas highlighted that my chart is outdated. Thanks. As of August 13, the support levels are no longer valid. SSE has break through the support.
The SSE has a huge run up since March, and more so since July.
From the Ichimoku Daily Chart, we can see that both the Tenkan sen and Kijun sen exhibits a very steep upward slope ( a sign of the strength of the bull). Â You can see that it is highlighted in yellow.
As it approach end July, the bulls rally slowed down towards end July and Winston highlighted a ‘M’ formation on the chart.
It could be a possible reversal. However, the Tenkan sen has not cut the Kijun sen yet. With both Tenkan sen and Kijun sen flattening, it may suggest a consolidation period rather than a reversal.
Possible Support: Â 3243 (Kijun sen) and 3216 (Chikou Span).