Winchart Technical Analysis -
Daily Market analysis
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After breaking below the 20-day Bollinger Lower Band, the 2nd board index had a “pull-back” effect, which is a technically rebound. However, as indicated by A, the 2nd board index is still staying below the falling 14, 21, 31 EMA, which is still serving as the dynamic resistance. If the 2nd board index should remains resisted by the falling dynamic resistance, the outlook for the 2nd board index shall remains bearish biased.
Despite the technical rebound, volume for the 2nd board market remains below the 40-day VMA level. This suggests that the overall market participation is still relatively low. Therefore, without sufficient market participation and inflow of fresh capital, the market sentiment of the 2nd board index is likely to remain weak.
As circled at C, the Stochastic %K line breaks above the 30% level, which is an unconfirmed short term neutral signal. If the Stochastic %D line should break above the 30% level, it would confirm the %K signal, and the short term market movement would turn from bearish to neutral. (Study C)
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