Winchart Technical Analysis -
Daily Market analysis
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On Monday, the 2nd board index had an daily high touching at 106.55 points, but it retreats to close at 105.61 points. As indicated by A, the 14, 21, 31 EMA is still serving as the dynamic resistance to the 2nd board index, and therefore, if the 2nd board index should retreat below the dynamic resistance, the outlook for the 2nd board index shall remain bearish biased.
As indicated by B, volume for the 2nd board market remains below the 40-day VMA level. This suggests that the participation in the 2nd board market is still low. In other words, the 2nd board market is lack of the fresh capital inflow; and therefore, without sufficient inflow of fresh capital, the 2nd board index is less likely to regain its strength.
As circled at C, the Stochastic %D line breaks above the 70% level, confirming the short term bullish signal. However, the Stochastic must remains above the 70% level in order to sustain the bullish signal. Nevertheless, the Stochastic is only a Secondary Indicator in Technical Analysis. Still, chart patterns and primary indicators are still the most important aspect in Technical Analysis.
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