Winchart Technical Analysis -
Daily Market analysis
Due to the overnight losses of the US market, the 2nd board was lower in the morning. However, as indicated by A, the 2nd board index managed to rebound precisely from the 118.93 level. With the 14, 21, 31 EMA still rising while serving as the dynamic support for the 2nd board index, the uptrend for the 2nd board index remains intact. (Study A)
Volume for the 2nd board market increased another 19.6% on Wednesday, with the volume clearly staying above the 40-day VMA level. This suggests that the 2nd board market was actively participated. Provided that the volume can remains above the 40-day VMA level, the bullish sentiment for the 2nd board market shall continue. (Study B)
As circled at C, the Stochastic is still staying above the 70% level, which is the a short term bullish signal. Therefore, the short term market movement for the 2nd board index is still bullish biased. If the Stochastic %D line should break above the 90%, the risk of a technical correction shall increase. Nevertheless, as long as the Stochastic can remain above the 70% level, the short term market sentiment is still bullish biased. (Study C)
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