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Charts: Shanghai Stocks Winding Up for Push Higher

CNBC.com
Monday, 22 Mar 2010 | 9:38 AM ET

The Shanghai Stock Index could push higher toward 3,400 points or above if it can manage to break out of its current trading range, Daryl Guppy, CEO of Guppytraders.com, told CNBC Monday.

Charts: Shanghai Stocks Set to Push Higher
The Shanghai Stock Index could push higher toward 3,400 points or above if it can manage to break out of its current trading range, Daryl Guppy, CEO of Guppytraders.com, told CNBC Monday.

The Shanghai market is locked into a "long-term equilateral triangle," Guppy said. "These are patterns of indecision – they don't give us direction one way or the other."

"We still have some upside pressure developing. What we're looking for in the next few days is a move above 3,100 and then a close above 3,200," he said. "Once that happens, then we're on the move back to 3,400 plus."

Guppy added that there is a "maturity" entering the Shanghai Stock Index and the volatility seen in 2009 is to some extent disappearing.

- Watch the video above to see Daryl Guppy's view on the price of oil.

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