The 2nd board index retested the 14, 21, 31 EMA again on Wednesday while remained resisted by the dynamic resistance. Mean while, 94.97 Fibonacci Retracement is also the immediate resistance to the 2nd board index. Nevertheless, 91.72 points and 87.69 Fibonacci Retracement are still the next support level for the 2nd board index.

Despite the 2nd board testing the falling dynamic resistance again, volume on the other hand, declined. Based on the current volume of the 2nd board, breaking above the dynamic resistance would not be convincing. (Study B)

As circled by C, Stochastic is still staying at the border line of the 70% level. Therefore, the short-term bullish signal has not been confirmed. Stochastic must break above and stay above the 70% level successfully in order to signal short-term bullish market. (Study C)

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