Winchart Technical Analysis -
Daily Market analysis
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As indicated by A, the 2nd board index retreated on Wednesday but remain supported by the 14, 21, 31 EMA. Therefore, the 14, 21, 31 EMA is still serving as the dynamic support for the 2nd board index. If the 2nd board index should rebound from the dynamic support, the outlook for the 2nd board index shall remains bullish biased. Nevertheless, the 2nd board index was also supported by the 104.79 Fibonacci Retracement line, and the next resistance for the 2nd board index is still seen at the 108.49 Fibonacci Retracement line.
As indicated by B, volume for the 2nd board maret declined 13.5%, but managed to stay above the 40-day VMA level. This suggests that the overall participation to the 2nd board market is still relatively healthy. If the volume should remains above the 40-day VMA level, it would help to sustain the improving market sentiment.
As circled at C, the Stochastic %K line falls below the 90% level on Wednesday, suggesting a beginning of a short term technical correction. If the Stochastic should remains above the 70% level, the market movement for the short term shall remains bullish biased. If the Stochastic should fall below the 70% level, the short term market movement would turn from bullish biased to neutral.
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