Winchart Technical Analysis -
Daily Market analysis
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After the technical rebound on Monday, the 2nd board index is now consolidating above the 98.5 support level. Therefore, the 98.5 level is now the temporary support level. However, as indicated by A, the 14, 21, 31 EMA is still falling and still being the dynamic resistance. Therefore, if the 2nd board index should remians below the falling dynamic resistance, the outlook shall remains bearish biased.
As indicated by B, volume for the 2nd board market is still below the 40-day VMA level. This suggests that the market participation is still relatively low. Therefore, without sufficient inflow of fresh capital and participation the 2nd board index is less likely to regain its strength.
As circled at C, the Stochastic %D line breaks above the 30% level, and confirming the %K line signal. Therefore, the Stochastic is now showing a short term neutral signal, with still some slight negative tendency. (Study C)
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