Winchart Technical Analysis -
Daily Market analysis
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As shown on the chart above, the 2nd board index rebounded 3.27 points or 3.3% on Wednesday. As indicated by A, the 2nd board index is set to test the 14, 21, 31 EMA dynamic resistance. If the 2nd board index should remains resisted by the falling dynamic resistance, the outlook shall remains bearish biased.
Despite the 2nd board index rebounded sharply, volume for the 2nd board market only increased a marginal 9.2%. As indicated by B, volume for the 2nd board market is still staying further below the 40-day VMA level, suggesting that the participation of the 2nd board market is still insufficient. Therefore, the sentiment for the 2nd board market is still weak.
As circled at C, the Stochastic is still staying between 30% and 70% level, which is the short term neutral region. Therefore, the Stochastic is suggesting a short term neutral signal, and the market movement for the short term is at neutral.
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