Winchart Technical Analysis -
Daily Market analysis
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After testing the 14, 21, 31 EMA dynamic resistance on Monday, the 2nd board index remains resisted by the falling dynamic resistance on Tuesday. As indicated by A, the 14, 21, 31 EMA remains falling while still serving as the dynamic resistance to the 2nd board index. If the 2nd board index should continue staying below the falling 14, 21, 31 EMA the outlook for the 2nd board index shall remain bearish biased. Nevertheless, support is found at 101.09 Fibonacci Retracement Line.
As indicated by B, volume for the 2nd board market increased 12.8% on Tuesday. However, the 2nd board index must return to above the 14, 21, 31 EMA with volume continue staying above the 40-day VMA level, then only the 2nd board index could resume to bullish. If the 2nd board index should remain resisted by the falling dynamic resistance and volume increase would suggests an stronger bearish movement.
As circled at C, the Stochastic %K line retreated on Tuesday. At the moment, the Stochastic is still showing a short term neutral signal. If the Stochastic should break below the 30% level, it would be another short term bearish signal.
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