Winchart Technical Analysis -
Daily Market analysis
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On Tuesday, the FBM2nd Board Index ended 25.97 points lower to close at 6821.61 points with a daily low reaching at 6772.83 point. As indicated by A, the 14, 21, 31 EMA is still serving as the dynamic resistance for the FBM2nd Board Index. 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
As circled at B, the WinChart RSI continue rising slightly on Tuesday. However, it is still below the 30% level, which is the mid term bearish region. Therefore, the WinChart RSI is still suggesting a bearish biased movement for the FBM2nd Board Index.
As circled at C, the Stochastic remains below the 30% level, which is the short term bearish region. Therefore, provided that the Stochastic is still staying below the 30% level, the market movement for the short term is expected to be bearish biased.
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