Winchart Technical Analysis -
Daily Market analysis
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On Wednesday, the 2nd board index ended 0.5 of a point higher to close at 104.45 points. As indicated by A, the 2nd board index tested the 14, 21, 31 EMA dynamic resistance again on Wednesday. If the 2nd board should break above the 14, 21, 31 EMA, there is a chance for the 2nd board index to break away from the bearish movement. Nevertheless, the next resistance for the 2nd board index is still found at 108.49 Fibonacci Retracement line.
Although if the 2nd board index should break out from the 14, 21, 31 EMA it would be a bullish signal, it must confirm with the rising of volume. As indicated by B, volume must increase and maintain above the 40-day VMA level in order to sustain any bullish movement.
As circled at C, the Stochastic %K breaks above the 70% by margin. If the Stochastic %K line should break above the 70% successfully, it would be a short term bullish signal. If the Stochastic %D line should also break above the 70% level, it would confirm the %K line signal, and the market movement for the short term would be bullish biased.
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