Winchart Technical Analysis -
Daily Market analysis
The 2nd board index ended slightly higher on Monday after successfully rebounded from the 14, 21, 31 EMA dynamic support. As shown on the chart above, the 118.93 level remains as the immediate resistance. If the 2nd board index can break above the 118.93 resistance successfully, the 2nd board index would resume its uptrend. (Study A)
Volume for the 2nd board market on Monday declined 27.4%, while still remaining above the 40-day VMA level. Therefore, the market participation of the 2nd board market is relatively sufficient. However, if the 2nd board index should test the 118.93 resistance, more volume is required to confirm any break out. (Study B)
As circled at C, the Stochastic is still above the 70% level bullish region. Therefore, the market movement for the short term is still bullish biased, until the Stochastic breaks below the 70% level. (Study C)
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