Winchart Technical Analysis -
Daily Market analysis
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The FBM2nd Board Index technically rebounded a total of 50.90 points on Tuesday, closing at 6755.49 points. However, as indicated by A, the 14, 21, 31 EMA is still serving as the dynamic resistance for the FBM2nd Board Index. If the FBM2nd Board Index should break above the falling dynamic resistance, it would break out from the downtrend. At the moment, the FBM2nd Board Index is likely to consolidate with the 6658.04 points being the support level.
As circled at B, the Stochastic %K line breaks above the 30% level marginally on Tuesday. If the Stochastic %D line should break above the 30% level, it would confirm the %K line signal, and the market movement for the short term would turn from bearish biased to neutral.
As indicated by the C arrow, the MACD histogram continue rising, and the rounding bottom signal remains intact. The MACD histogram rounding bottom suggests a technical rebound or a consolidation signal for the FBM2nd Board Index, and therefore, as long as the MACD histogram is still rising, there is a slight upside biased for the FBM2nd Board Index in the short term.
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