As pointed by A1, the 2nd board index precisely rebounded from 87.69 Fibonacci Retracement, closing the day at its daily high at 91.73 points, up 3.75 points or 4.3%. However, at the moment, the 2nd board index is still considered a technical rebound. This is the because the 14, 21, 31 EMA is still falling while serving as the dynamic resistance. Therefore, provided that the 2nd board index remained below the falling dynamic resistance, the outlook for the 2nd board index remained bearish bias.

As pointed by B, 2nd board market volume remained below the 40 days VMA level, which suggested that the market activity is relatively lower. Therefore, chances for the 2nd board index in regaining its strength is still thin. (Study B)

Stochastic remained below 30% level, which is the short-term bearish region. Therefore, the short-term market movement for the 2nd board index is still bearish bias, unless the Stochastic could break above 30% level successfully. (Study C)

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