Winchart Technical Analysis -
Daily Market analysis
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As indicated by A, the 2nd board index attempted to test the 14, 21, 31 EMA again, closing 1.01 point higher to 105.46 points. If the 2nd board index should break above the 14, 21, 31 EMA, the EMA would reverse its role to become the dynamic support for the 2nd board index.
As indicated by B, volume for the 2nd board index remains below the 40-day VMA level, which suggests that the overall participation of the 2nd board market remains relatively low. In short, volume above the 40-day VMA level is the most crucial ingredient if the 2nd board index should resume its bullish movement.
As circled at C, the Stochastic %K remains above the 70% level, which is the short term bullish region. If the Stochastic %D line should break above the 70% level, it would confirm the %K signal and the market movement for the short term would be bullish biased.
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