Winchart Technical Analysis -
Daily Market analysis
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On Thursday, the FBM2nd Board Index closed 61.99 points lower to 6807.37 points. As indicated by A, the 14, 21, 31 EMA remains falling while serving as the dynamic resistance for the FBM2nd Board Index. This means, if the FBM2nd Board Index should continue resisted by the falling dynamic resistance, the outlook shall remains bearish biased. Nevertheless, the next support for the FBM2nd Board Index is at 6707.12 level.
As circled at B, the WinChart RSI is still staying below the 30% level, which is the mid term bearish region. Therefore, as long as the WinChart RSI is still below the 30% level, the market strength shall remains weak.
As circled at C, the Stochastic remains below the 30% level, which is the short term bearish region. Therefore, should the Stochastic continue to stay below the 30% level, the market movement for the short term would remains bearish biased.
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