Winchart Technical Analysis -
Daily Market analysis
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On Wednesday, the FBM2nd Board Index ended 36.24 points lower to close at 6701.84 points. As indicated by A, the 14, 21, 31 remains as the dynamic resistance for the FBM2nd Board Index, and therefore, if the FBM2nd Board Index should continue resisted by falling dynamic resistance, the outlook for the FBM2nd Board Index shall remains bearish biased. Mean while, support for the FBM2nd Board Index is still at 6658.04 level.
As circled at B, the Stochastic is still showing a short term neutral signal. However, readers are advised to take caution for the Stochastic %K line has dropped marginally below the 30% level. If the Stochastic %D line should break below the 30% level, it would confirm the %K line signal, and it would be a signal suggesting a short term bearish movement.
As indicated by C, the MACD histogram stop rising on Wednesday. Therefore, there is a risk of forming a rounding top. If the MACD histogram should form a rounding top, it would be a weakening of the MACD bullish signal, and the short term movement for the FBM2nd Board Index is like to turn weak.
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