Winchart Technical Analysis -
Daily Market analysis
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On Friday, the 2nd board index ended 0.33 of a point higher to close at 105.79 points. As indicated by A, the 2nd board index breaks above the 31-EMA marginally. If the 2nd board index should remain above the 14, 21, 31 EMA, the EMA would become the dynamic support to the 2nd board index, and the outlook would likely to be bullish biased. Nevertheless, the next resistance for the 2nd board index is at 108.49 Fibonacci Retracement line.
As indicated by B, volume for the 2nd board market increased 15.3% on Friday, and also breaking above the 40-day VMA level. This shows some improvement of the participation to the 2nd board market. If volume should remain above the 40-day VMA level, the market sentiment for the 2nd board is likely to improve thus would help to sustain the bullish sentiment.
As circled at C, the Stochastic %D line breaks above the 70% level, confirming the %K line signal. Therefore, the Stochastic is now suggesting a short term bullish signal, and the market movement for the short term is bullish biased.
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