Winchart Technical Analysis -
Daily Market analysis
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As indicated by A, the 2nd board index rebounded 0.55 of a point on Monday, and retesting the 14, 21, 31 EMA which is still serving as the dynamic resistance. If the 2nd board should break above the 14, 21, 31 EMA, the EMA shall reverse its role to become the dynamic support to the 2nd board index. Nevertheless, the next resistance for the 2nd board index are found at 104.79 followed by the 108.49 Fibonacci Retracement line.
As indicated by B, volume for the 2nd board market on Monday increased 15.8% and attempting to break the 40-day VMA level. At the moment, volume remains below the 40-day VMA level. If the volume should increase and maintain above the 40-day VMA level, the market sentiment for the 2nd board index is expected to improve.
As circled at C, the Stochastic continued rising on Monday after breaking out from the short term bearish region. At the moment, the Stochastic is showing a short term neutral signal. If the Stochastic should break above the 70% level, it would be a short term bullish signal for the 2nd board index.
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