Winchart Technical Analysis -
Daily Market analysis
After successfully rebounded from the 108.75 support, the 2nd board index rose 0.62 of a point to close at 111.65 points on Friday. As indicated by, the 14, 21, 31 EMA is still serving as the dynamic support to the 2nd board index, and provided that the 2nd board can remains above the rising dynamic support, the outlook is still bullish biased. (Study A) However, the immediate resistance for the 2nd board index is at 111.92 points.
Volume for the 2nd board market increased 21.3% on Friday. As indicated by B, volume for the 2nd board market almost touches the 40-day VMA level. If the volume should continue increase and remain above the 40-day VMA level, the bullish sentiment for the 2nd board index is likely to sustain. In addition, if the 2nd board index should break above the 111.92 resistance, volume must increase significantly to confirm the break out or the break out is less convincing. (Study B)
On Friday, the Stochastic %K line breaks above the 70% level, triggering an unconfirmed short term bullish signal. If the Stochastic %D line should break above the 70% level, it shall confirm the %K signal and the market movement for the short term would be bullish biased. (Study C)
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