Winchart Technical Analysis -
Daily Market analysis
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Due to the overnight falling of the US market, the 2nd board index opened gap down on Friday and had an daily low touching at 109.21 points. As indicated by A, the 2nd board index managed to rebound from the 14, 21, 31 EMA, before closing at 109.98 points. Therefore, the 14, 21, 31 EMA is still serving as the dynamic support. As long as the 2nd board index is still supported by the 14, 21, 31 EMA, the outlook shall remains positive biased.
As indicated by B, volume for the 2nd board market declined another 26.6% on Friday. However, volume is still above the 40-day VMA level suggesting that the 2nd board market is still actively participated. Since the 2nd board index is having a technical correction, the lower volume also suggests a healthy signal, because the lower volume implies that the selling was not too intense.
As circled at C, the Stochastic %K line remains falling while the Stochastic %D line still staying above the 70% level. If the Stochastic %D line should fall below the 70% level, the 2nd board index short term movement will turn from bullish biased to neutral.
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