Winchart Technical Analysis -
Daily Market analysis
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As indicated by A, the Bollinger Bands Width expanded 8% with the 2nd board index staying above the Bollinger Middle Band. If the Bollinger Bands Width should remains expanding, the upside movement for the 2nd board index shall continue. Nevertheless, the next resistance for the 2nd board index is seen at 113.06 points while the immediate support will be the Bollinger Middle Band dynamic support.
As indicated by B, volume for the 2nd board market increased 59.5% on Friday, with the volume staying above the 40-day VMA level. This shows that the 2nd board market is still actively participated. If the volume should continue staying higher above the 40-day VMA level, it would help to sustain the bullish Bollinger Bands signals.
As circled at C, the Stochastic %K rise and break above the 70%, triggering an unconfirmed short bullish signal. If the Stochastic %D line should break above the 70% level, it would confirm the %K line signal, and the market movement for the short term would be bullish biased.
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