Winchart Technical Analysis -
Daily Market analysis
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As indicated by A, the Bollinger Bands Width of the 2nd board index has not really expanded; therefore, suggesting that the 2nd board index is still consolidating. In other words, the direction for the 2nd board index is still unclear. Therefore, readers are advised to monitor the development of the Bollinger Bands Width, for when the Bollinger Bands Width re-expands, it shall reveal the new movement. If the 2nd board index should stay above the Bollinger Middle Band, it would be a bullish signal; otherwise, a bearish signal. Nevertheless, support for the 2nd board is still seen at 104.79 Fibonacci Retracement.
As indicated by B, volume for the 2nd board market declined 44.1% on Thursday. From a technical point of view, the decline of volume during a consolidation is usually normal, suggesting a healthy consolidation. However, if the 2nd board should attempt to resume it upside movement, volume must increase in order to sustain the positive sentiment.
As circled at C, the Stochastic is still situated around the 50% level, which is the short term neutral region. If the Stochastic should break above the 70% level, it would be a short term bullish signal. If the Stochastic should break below the 30% level, it would be a short term bearish signal.
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