Winchart Technical Analysis -
Daily Market analysis
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The 2nd board index retreated in the most part of Friday after testing the 14-day EMA dynamic resistance. However, the 2nd board index rebounded just below the closing, and closed 1.06 points higher at 105.30 points. Despite breaking the 14-day EMA line marginally, the 14, 21, 31 EMA remains the dynamic resistance to the 2nd board index. Meanwhile, the 105 points is still the resistance level to the 2nd board index.
Although the 2nd board index ended higher on Friday, volume for the 2nd board market remains further below the 40-day VMA level. This suggests that the market participation is really low. Therefore, this also implies that the market sentiment is still weak.
As circled at C, the Stochastic %K remains above the 70% level. However, the Stochastic %D line remains below the 70% level, and therefore, failing to confirm the %K line signal. Nevertheless, the Stochastic must break above the 70% level successfully in order to trigger a short term bullish signal.
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