Winchart Technical Analysis -
Daily Market analysis
As indicated by A, the 2nd board index successfully rebounded precisely from the 108.75 level as well as the 14, 21, 31 EMA dynamic support. This suggests that the 2nd board is likely to resume its uptrend. Nevertheless, the next resistance for the 2nd board index is at 111.92 points. (Study A)
Despite the 2nd board index rebounded from the dynamic support successfully, volume for the 2nd board market on Thursday declined another 12.2%. The decline of volume failed to give strength to the 2nd board index rebound, and therefore, the rebound seems to be weak. Nevertheless, if the 2nd board index should resume its uptrend, the volume would have to return to above the 40-day VMA level in order to sustain the uptrend. (Study B)
As circled at C, the Stochastic %K line rises in line with the 2nd board index rebound. At the moment, the Stochastic is showing a short term neutral signal, and therefore, the market movement for the short term is at neutral. (Study C)
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