Winchart Technical Analysis -
Daily Market analysis
On Thursday, the 2nd board index fell a total of 5.81 points or 5.6% to close at 98.08 points. As shown on the chart above, the 2nd board index seems to find a temporary support at the 98.5 level. If the 2nd board index should rebound at this level, it is likely to consolidate at this level.
However, as indicated by A, the 14, 21, 31 EMA remains falling. Therefore, provided that the 2nd board index is still staying below the falling dynamic resistance, the outlook shall remains bearish biased.
As circled at B, volume for the 2nd board market remains below the 40-day VMA level, despite it increases on Thursday. This suggests that the market sentiment as a whole is still weak, as investors confident is still relatively low.
As circled at C, the Stochastic is now staying below the 10% level, which is the short term over-sold region. Therefore, the 2nd board index is likely to have a technical rebound in the near term. However, if the Stochastic should remains below the 30% level after the possible technical rebound, the market movement for the short term shall remains bearish biased. (Study C)
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