Winchart Technical Analysis -
Daily Market analysis
On Tuesday, the 2nd board index ended lower despite its early rebound. As indicated by A, the 2nd board index managed to rebound from the 105 level, and therefore, the 105 level is the temporary support level for the 2nd board index. However, as indicated by B, the 14, 21, 31 EMA remains falling while continue serving as the dynamic resistance, therefore, the immediate outlook for the 2nd board index is still negative biased. If the 2nd board index should break below the 105 support level, the next support level would be at 98.8 points level.
As circled by C, the volume for the 2nd board market remains below the 40-day VMA level for 1 whole week. This suggests that the participation of the 2nd board market was relatively low. In addition, this also implies an lack of market confident. Therefore, if the volume should remains below the 40-day VMA level, the sentiment for the 2nd board index is likely to be weak. (Study C)
On Tuesday, the Stochastic is still showing a short term bearish signal, and therefore, the market movement for the short term is still bearish biased. If the Stochastic should fall below the 10% level, it would be a short term over-sold signal, and a technical rebound is likely to take place. However, the Stochastic must break above the 30% level successfully in order to break away from the bearish movement. (Study D)
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