Winchart Technical Analysis -
Daily Market analysis
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On Wednesday, the 2nd board index retreated a total of 1.13 points to close at 103.38 points. As indicated by A, the 2nd board index remains resisted by the falling 14, 21, 31 EMA, which is still serving as the dynamic resistance to the 2nd board index. Therefore, if the 2nd board index should remains resisted by the falling dynamic resistance, the outlook shall remains bearish biased.
Despite volume for the 2nd board market on Wednesday increased 40.2%, it is still further below the 40-day VMA level. Therefore, in short, the market participation in the 2nd board market is still insufficient, and the market sentiment is likely to stay weak. (Study B)
As circled at C, the Stochastic is still staying above the 70% level, which is the short term bullish region. If the Stochastic should remains above the 70% level, the market movement for the short term shall turn positive biased. However, if the Stochastic should fall below the 70% level, the short term market movement would turn to neutral.
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