Winchart Technical Analysis -
Daily Market analysis
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On Monday, the 2nd board index ended marginally higher, closing 0.15 of a point to 105.94 points. As indicated by A, the 14, 21, 31 EMA is still serving as the dynamic support for the 2nd board index. If the 2nd board index should continue staying above the dynamic support, the outlook for the 2nd board index shall remains bullish biased. Nevertheless, the next resistance for the 2nd board index is still at 108.49 Fibonacci Retracement line.
As indicated by B, volume for the 2nd board market declined 9.8%, while barely staying above the 40-day VMA level. If the 2nd board index should continue its bullish movement, volume staying above the 40-day VMA level is an important element. If the volume should fall below the 40-day VMA level, the sustainability of the bullish movement would be doubtful.
As circled at C, the Stochastic has gone above the 90% level, which is the short term over-bought region. This suggests that the 2nd board index has gone slightly over-heated, and therefore there is a chance of a technical correction in the near future. Should the Stochastic falls below the 90% level, it would be a beginning of the short term technical correction signal.
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