Winchart Technical Analysis -
Daily Market analysis
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The 2nd board index rebounded strongly on Tuesday, closing at its daily high rebounding 1.43 points. At the moment, the 2nd board index is testing the 14, 21, 31 EMA. Meanwhile, we can choose to use Bollinger Bands to monitor any development of a new movement. If the Bollinger Bands Width should expand with the 2nd board index above the Bollinger Middle Band, it would be a signal suggesting that the 2nd board index might resume its uptrend. However, if the Bollinger Bands Width should expand with the 2nd board staying below the Bollinger Middle Band, it would be a signal suggesting a negative movement.
As indicated by B, volume for the 2nd board market increased significantly on Tuesday, suggesting that the market participation is still relatively very active. If the increase of volume should converge with the bullish Bollinger band signal, it would give strength to the Bollinger Bands signal, and the 2nd board index would have a better chance of resuming its uptrend.
As circled at C, the Stochastic %K rebounded strongly and break away from the short term bearish region. Therefore, with the Stochastic %D line still in the neutral region, the market movement for the short term is at neutral.
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