Winchart Technical Analysis -
Daily Market analysis
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On Wednesday, the 2nd board returned to above the 14, 21, 31 EMA. However, as indicated by A, the Bollinger Bands Width remains contracting, suggesting that the 2nd board index is still consolidating, and the direction for the 2nd board index is also unclear. Nevertheless, support for the 2nd board index is still at 104.79 points.
As indicated by B, volume for the 2nd board market increased 11.3%, suggesting that the market participation is still very active. However, since the 2nd board index did not advance, and remains in its consolidation, the increase of volume is usually not too healthy. If the 2nd board index should decline with volume increasing, it would suggests an increase of selling pressure.
As circled at C, the Stochastic remains in the 50% level, which is the short term neutral region. This shows that the 2nd board index market movement for the short term is at neutral.
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