Winchart Technical Analysis -
Daily Market analysis
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As indicated by A, the 2nd board index remain resisted by the Bollinger Middle Band. Therefore, if the Bollinger Bands Width should expand again with the 2nd board index remaining below the Bollinger Middle Band, it would be a bearish signal. Nevertheless, the next support for the 2nd board index is still seen at 101.09 Fibonacci Retracement Line.
As indicated by B, volume for the 2nd board market remain lower, and staying below the 40-day VMA level. This shows that the market participation for the 2nd board is indeed insufficient and therefore, the sentiment for the 2nd board market shall remain weak.
As circled at C, the Stochastic %K line drop back into below the 30% level on Thursday. If the Stochastic should remain below the 30% level, the short term bearish movement shall resume and the market movement for the short term is likely to be bearish biased.
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