Winchart Technical Analysis -
Daily Market analysis
On Wednesday, the 2nd board index ended 3.16 points lower to 103.89 points. As shown on the chart above, the 2nd board index falls below the 105 points support level. Therefore, the next support level is at 100 points and the 98.5 points level.
Meanwhile, as indicated by A, the 14, 21, 31 EMA remains falling and continue serving as the dynamic resistance to the 2nd board index. Therefore, the immediate outlook for the 2nd board index shall remains bearish biased. (Study A)
As circled at B, the volume for the 2nd board market remains below the 40-day VMA level, suggesting that the market participation is still relatively low. Therefore, the market sentiment for the 2nd board market is still weak.
On Wednesday, 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 still bearish biased. (Study C)
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