Winchart Technical Analysis -
Daily Market analysis
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The 2nd board index closed marginally higher on Monday at 107.62 point, up 0.23 of a point. As indicated by A, the 14, 21, 31 EMA remains rising while still serving as the dynamic support for the 2nd board index. If the 2nd board index should continue being supported by the rising dynamic support, the outlook shall remains bullish biased. Nevertheless, the next resistance is still seen at 108.49 Fibonacci Retracement Line.
As indicated by B, volume for the 2nd board market increased another 6.8% while remains above the 40-day VMA level. This shows that the market participation of the 2nd board is at healthy level, and if the volume should remains above the 40-day VMA level, it would help to sustain the improving sentiment, thus the 2nd board index could test the 108.49 resistance level.
As circled at C, the MACD remains rising, suggesting that the 2nd board index is still trending up. Meanwhile, the MACD histogram has not formed a rounding top. If the MACD histogram should form a rounding top, it would suggest a short term correction or consolidation signal for the 2nd board index.
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