Winchart Technical Analysis -
Daily Market analysis
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As shown on the chart above, the 2nd board index managed to stay above the 40-day VMA level. Therefore, the 105 points level is likely to be a support level for the 2nd board index. Also, as indicated by A, the 2nd board index breaks above the 31-day EMA by marginally, and if the 2nd board index should continue rising, the 14, 21, 31 EMA shall reverse its role and being the dynamic support to the 2nd board index.
Despite volume of the 2nd board market increased another 55.3%, it is still staying below the 40-day VMA level. Therefore, this means that the current market participation is still insufficient. If the 2nd board index was to resume its bullish movement, volume staying above the 40-day VMA level is a crucial element. (Study B)
As circled at C, the MACD histogram has not formed a rounding top yet. Therefore, the short term movement for the 2nd board has not turn bearish yet. Nevertheless, if the MACD line should break above the zero-level, it would be a signal suggesting an improvement of the long term movement.
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