Winchart Technical Analysis -
Daily Market analysis
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As indicated by A, the Bollinger Bands Width of the 2nd board index remains expanding, with the 2nd board index staying above the Bollinger Middle Band, the bullish Bollinger band signal shall remains intact. Also, the Bollinger Middle Band is still serving as the dynamic support for the 2nd board index.
As indicated by B, volume for the 2nd board market increased again on Tuesday, while remains highly above the 40-day VMA level. This suggests that the 2nd board market is still very actively participated. Therefore, as long as the volume should stay above the 40-day VMA level, the bullish sentiment is likely to continue.
As circled at C, the Stochastic %K line retreated slightly after touching the 100% on Monday. At the moment, the Stochastic %K line is situated above the 90% level, which is the short term over-bought region, suggesting a chance of a short term technical correction. Nevertheless, the Stochastic %D line is still rising, therefore, the short term movement for the 2nd board index is still bullish biased. If the Stochastic %K line should fall below the 90% level, it would be a signal suggesting a beginning of a short term technical correction.
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