Winchart Technical Analysis - Daily Market analysis
2nd board index ended mixed on Friday, closing marginally higher to 92/.70 points. As pointed by A, the 2nd board index is now temporary resisted by the T1 descending resistance, while T2 is the uptrend dynamic support. Therefore, it has formed a long-term Symmetrical Triangle suggested a long-term consolidation; and market direction shall be clearer after a valid break out of this triangle.
Mean while, the 14, 21, 31 EMA remained as the dynamic support to the 2nd board index and the next resistance is still seen at 94.90 Fibonacci Retracement.
Volume for the 2nd board market on Friday was 15.6% lower, while barely touching the 40 days VMA level. If the 2nd board index were to maintain its bullishness, we need to have a consistence of volume inflow above the 40 days VMA level. Or else, the sustainability of the bullishness is questionable. (Study B)
MACD histogram ticking higher on Friday, suggested the continuation of the bullish signal. However, readers are advised to pay attention to the histogram. If the histogram formed a rounding top, it shall be the short-term weakening signal or a correction signal. (Study C)
Find this analysis useful? Why not share it with others? Click Here to send this to a friend
 1st Online Training In Malaysia |
 |
 |
 |
| View the Online Training | More Market Analysis | Find out more about WinChart | Upcoming Events |
Straits Index (M)
Sdn Bhd
No. 16, Jalan LP 1A / 5, Lestari Perdana,
43300 Seri Kembangan, Selangor
Hotline: (03) 8941 6828 (5
lines) Fax: (03) 8941 9828
Email: info@straitsindex.com
© Copyright 1997-2007 Straits Index (M) Sdn Bhd All
rights reserved