Long SH at 44.38

The SH hourly chart is showing divergences in MACD, Stochastics and RSI.  There is also a potential support around the 44 level.  The market has been quiet for a while, after the big drop of two weeks ago and the wild gyrations of last week.

 

I have doubts because the daily chart is showing MACD on the verge of giving bullish signal, but the direction of the market trend is down, and my hypothesis is that we're seeing the bounce after the big drop, and that the bounce has mostly run its course, and that a new leg down is coming.

 

Update on August 22

Sold at 46.48, after seeing a sell signal on the hourly MACD and Stochastics. This may have been premature, but my minimum target had been reached.