Winchart Technical Analysis -
Daily Market analysis
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On Tuesday, the FBM2nd Board Index rebounded strongly after touching a daily low at 6863.80 points, leaving a long lower shadow line. Therefore, this implies a chance of a technical rebound. However, as indicated by A, the 14, 21, 31 EMA is still falling while serving as the dynamic resistance for the FBM2nd Board Index. Therefore, if the FBM2nd Board Index should continue resisted by the falling dynamic resistance, the outlook shall remains bearish biased. Support for the FBM2nd Board Index is still at 6940.30 Fibonacci Retracement line.
As circled at B, the Momentum rebounded on Tuesday, suggesting a chance of a technical rebound. However, since the Momentum is still staying below the zero-level the movement for the FBM2nd Board Index is still on the negative side.
As circled at C, the Stochastic %K line breaks above the 30% level marginally on Tuesday. If the Stochastic %K line should continue rising and the Stochastic %D line should break above the 30% level, the short term market movement for the FBM2nd Board Index shall turn from bearish biased to neutral.
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