Winchart Technical Analysis -
Daily Market analysis
The 2nd board index continued its technical correction on Monday while still staying below the 118.93 resistance. As indicated by a, the 14, 21, 31 EMA remains as the dynamic support to the 2nd board index. If the 2nd board index should rebound from the rising dynamic support, the outlook for the 2nd board index shall remains bullish biased. (Study A)
Volume for the 2nd board market increased 20.1% on Monday, with the volume remaining above the 40-day VMA level. This suggests that the 2nd board market is still relatively well participated. If the 2nd board index should resume its uptrend with the increase of volume shall support the 2nd board index in testing the 118.93 resistance. However, if the 2nd board index should continue its consolidation with higher volume, it would be a sign of increasing selling pressure. (Study B)
As circled at C, the Stochastic it still staying above the 70% level, which is the short term bullish region. Therefore, if the Stochastic should remain above the 70% level after the technical correction, the market movement for the 2nd board index shall remains bullish biased. (Study C)
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