Winchart Technical Analysis -
Daily Market analysis
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On Thursday, the 2nd board index rebounded 0.49 of a point to close at 108.13 points. As indicated by A, the Bollinger Bands Width remains contracting, suggesting that the 2nd board index is still consolidating. Meanwhile, the 2nd board index is still testing the resistance at the 108.49 Fibonacci Retracement line. If the Bollinger Bands Width should re-expand with the 2nd board index staying above the Bollinger Middle Band, it would be another upside volatile signal, and the 2nd board index could resume its upward movement and test the next resistance at the 113.06 Fibonacci Retracement line.
As indicated by B, volume for the 2nd board market increased 42.5% on Thursday, and remains above the 40-day VMA level. This shows that the 2nd board market is well-participated, and if the volume should remains above the 40-day VMA level, the positive sentiment is likely to continue, and the outlook for the 2nd board index shall remains bullish biased.
As circled at C, the MACD histogram still ticking lower on Thursday, and therefore the rounding top signal remains in place, suggesting that the 2nd board index still consolidating. If the MACD histogram should ticking up and form a rounding bottom, it would be an end to the consolidation signal, and the 2nd board index would resume its upward movement.
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