Winchart Technical Analysis -
Daily Market analysis
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On Wednesday, the FBM2nd Board Index ended 83.22 points lower to close at 6738.39 points. As indicated by A, the 14, 21, 31 EMA is still falling while continue 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. Since the FBM2nd Board Index as broken below the previous 6707.12 support, the new support for the FBM2nd Board Index is now at 6698.54 level.
As circled at B, the WinChart RSI continue staying below the 30% level despite an attempt to break above the 30% level. This shows that the market strength for the mid term is still weak.
As circled at C, the Stochastic remains below the 30% level on Wednesday. Therefore, this shows that the short term bearish signal is still intact, and the market movement for the short term is still at bearish biased.
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