Winchart Technical Analysis -
Daily Market analysis
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On Monday, the FBM2nd Board Index rebounded 16.89 points to close at 6847.58 points. However, as indicated by A, the 14, 21, 31 EMA remains falling while still serving as the dynamic resistance for the FBM2nd Board Index. Therefore, provided that the FBM2nd Board Index is still resisted by the falling dynamic resistance, the outlook shall remains bearish biased. Nevertheless, support for the FBM2nd Board Index is still at 6707.12 level.
As circled at B, the WinChart RSI rebounded in line with the rebound of the FBM2nd Board Index. But still, the WinChart RSI is still situated below the 30% level, which is the Mid term bearish region. Therefore, this suggests that the strength of the FBM2nd Board Index is still weak.
As circled at C, the Stochastic remains situated in the short term bearish region, which is a region below the 30% level. Unless the Stochastic could break out from the 30% level successfully, the market movement for the short term is expected to be bearish biased.
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