Winchart Technical Analysis -
Daily Market analysis
Despite the morning gain, the 2nd board index ended lower on Thurdays, closing 0.44 of a point lower to 109.28 points. As indicated by A, the 14, 21, 31 EMA is still the dynamic resistance, and therefore, with the 2nd board index staying below the falling dynamic resistance, the immediate outlook for the 2nd board index is still bearish biased. Nevertheless, the 105 level is still the support level for the 2nd board index.
As circled at B, the volume for the 2nd board market continue staying below the 40-day VMA level. This shows that the participation of the 2nd board market is indeed low, thus the market sentiment is likely to be weak, as most investors choose to stay on the sideline. (Study B)
Although the Stochastic %K line broke above the 30% level by margin yesterday, it was not confirmed by the %D line. As circled at C, the Stochastic is still staying below the 30% level, which is the short term bearish signal. Therefore, the market movement for the short term is still bearish biased. (Study C)
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