Winchart Technical Analysis -
Daily Market analysis
The 2nd board index rebounded 0.62 of a points on Thursday to close at 117.30 points after consolidated for 4 days. At the moment, the immediate resistance level for the 2nd board index remains at 118.93 points while the 14, 21, 31 EMA remains as the dynamic support to the 2nd board index. Provided that the 2nd board index is supported by the rising dynamic support, the outlook for the 2nd board index is likely to be bullish biased. (Study A)
Volume for the 2nd board market on Thursday increased 0.6%, with the volume still staying above the 40-day VMA level. This suggests that the market participation of the 2nd board market is relatively active, and as long as the volume can stay above the 40-day VMA level, the bullish sentiment is likely to sustain, and it would help the 2nd board index is testing the 118.93 resistance. (Study B)
As circled at C, the Stochastic %K rebounded and reentered the 70% level short term bullish region. Therefore, the Stochastic is still showing a short term bullish signal, and the market movement for the short term is still bullish biased. (Study C)
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