Winchart Technical Analysis -
Daily Market analysis
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On Thursday, the FBM2nd Board Index ended 16.35 points lower to 6685.49 points. As indicated by A, the 14, 21, 31 EMA remains as the dynamic resistance for the FBM2nd Board Index, and therefore, as long as the FBM2nd Board Index is still resisted by the falling dynamic resistance, the outlook for the FBM2nd Board Index shall remains bearish biased. However, as shown on the chart above, the immediate support for the FBM2nd Board Index is still seen at 6658.04 points. If the FBM2nd Board Index should rebound from this level, it might form a double bottom chart patterns, which would temporary stop the decline.
As circled at B, the Stochastic %K line remains below the 30% level, which is the short term bearish signal. However, since the %D line is still above the 30% level, it has not confirmed the %K line signal.
As indicated by C, the MACD histogram ended almost flat, and therefore, still has the risk of forming a rounding top. Nevertheless, the rounding top suggests a weakening MACD bullish signal, and provided that the MACD histogram is still falling, the short term movement for the FBM2nd Board Index is likely to be weak.
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