Winchart Technical Analysis -
Daily Market analysis
As shown on the chart above, the 2nd board index continue falling, ended 5.11 points lower to 108.29 points. Temporary, the 2nd board index is supported by the 108 level. As indicated by A, the 14, 21, 31 EMA is still falling while continue serving as the dynamic resistance to the 2nd board index. If the 2nd board index should continue staying below the dynamic resistance, the outlook shall remains bearish biased. If the 2nd board index should fall below the 108 support level, the next support level would be the 100 points psychological support.
As indicated by B, the volume for the 2nd board market is still below the 40-day VMA level. This suggests that the 2nd board market was indeed lightly participated, and the market confident is still weak. Therefore, should the volume continue staying below the 40-day VMA level, the 2nd board index is likely to stay weak. (Study B)
As circled at C, the Stochastic is still staying below the 30% level, which is the short term bearish region. Therefore, the market movement for the short term is expected to be bearish biased. If the Stochastic should fall below the 10% level, it would be an over-sold signal, and a technical rebound is likely to take place. However, if the Stochastic should remains below the 30% level after the technical rebound, the short term bearish movement is expected to continue. (Study C)
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