Winchart Technical Analysis -
Daily Market analysis
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As indicated by A, the 2nd board index remains supported by the 14, 21, 31 EMA, which is still serving as a dynamic support for the 2nd board index. If the 2nd board index should remains supported by the rising dynamic support, the outlook shall remains bullish biased. Nevertheless, the next resistance for the 2nd board index is seen at 108.49 Fibonacci Retracement line.
As indicated by B, volume for the 2nd board market increased 41.4% on Tuesday and the volume managed to break above the 40-day VMA level. This suggests an increase of market participation and if the volume should remains above the 40-day VMA level, it would help to sustain and improving market sentiment.
As circled at C, the Stochastic remains above the 90% level, which is the short term over-bought region. This shows that the 2nd board index short term movement was over-heated, thus there is a risk of a technical correction. However, if the Stochastic should remains above the 70% level after the possible technical correction, the market movement for the short term shall remains bullish biased.
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