Winchart Technical Analysis -
Daily Market analysis
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On Tuesday, the 2nd board index attempted to test the 108.49 Fibonacci Retracement Resistance and failed, closing at 108.27 points. Therefore, the 2nd board index remains in its consolidation. Meanwhile, the 14, 21, 31 EMA is still serving as the dynamic support for the 2nd board index. (Study A)
As indicated by B, volume for the 2nd board market increased 25.9% on Tuesday. This shows that the 2nd board market is still actively participated. If the volume should remains above the 40-day VMA level, the sentiment for the 2nd board market shall remains positive biased.
As circled at C, the MACD histogram continue falling and therefore, the rounding top signal remains intact. This rounding suggests a short term consolidation or correction of the 2nd board index, and the consolidation is expected to continue, until the MACD histogram ticks up and form a rounding bottom.
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