Winchart Technical Analysis -
Daily Market analysis
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The FBM2nd Board Index rebounded on Wednesday at the last minute, closing 30.21 points higher at 7129.73 points. As indicated by A, the FBM2nd Board Index is now testing the Bollinger Middle Band, which is the dynamic resistance for the FBM2nd Board Index. If the FBM2nd Board Index should remains below the falling Bollinger Middle Band, the outlook for the FBM2nd Board Index should remains negative biased. Nevertheless, the next support for the FBM2nd Board Index is still seen at 7012.33 Fibonacci Retracement line.
As circled at B, the Momentum indicator is still falling while staying below the zero level. This shows that the FBM2nd Board Index movement has been negative, and as long as the momentum is still falling, it would suggest that the FBM2nd Board Index direction is likely to be negative.
As circled at C, the Stochastic %K line ticked higher, and breakout above the 30% level. Therefore, it suggests that the short term bearish signal was not confirmed, and the Stochastic is still suggesting a short terma neutral signal.
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