Winchart Technical Analysis -
Daily Market analysis
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On Monday, the FBM2nd Board Index had an intra-day low reaching 6716.57 points, before closing at 6763.48 points. As indicated by A, the FBM2nd Board Index remains resisted by the 14, 21, 31 EMA, which is 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 for the FBM2nd Board Index shall remains bearish biased. Nevertheless, support for the FBM2nd Board Index is still seen at 6658.04 point.
As circled at B, the Stochastic is still showing a short term neutral signal on Monday. Therefore, the market movement for the short term is expected to be neutral. If the Stochastic should fall below the 30% level, it would be a short term bearish signal, suggesting that the short term movement for the FBM2nd Board Index is weakening.
As indicated by C, the MACD line started rising slightly. This shows that by comparing the previous longer term movement, the current movement of the FBM2nd Board Index has slightly improved. However, since the MACD line is still below the zero level, this suggests that the longer term movement for the FBM2nd Board Index is still on the negative side.
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