Winchart Technical Analysis -
Daily Market analysis
As shown on the chart above, the 2nd board index continued its consolidation above the 105 point support. However, as indicated by A, the 14, 21, 31 EMA remains falling while continue serving as the dynamic resistance to the 2nd board index. Therefore, the outlook for the 2nd board index remains bearish biased. (Study A)
As circled at B, volume for the 2nd board market remains below the 40-day VMA level. This suggests that the participation of the 2nd board market is still low. In other words, this also implies that most investors are still staying on the sidelines as the outlook of the 2nd board market remains uncertain. (Study B)
As circled at C, the Stochastic is still staying below the 30% level, which is the short term bearish region. Therefore, the Stochastic is still suggesting a short term bearish movement for the 2nd board index. (Study C)
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