Winchart Technical Analysis -
Daily Market analysis
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Again, the FBM2nd Board Index managed to close above the 6658.04 support level, and this shows that the support for the FBM2nd Board Index is intact. However, as indicated by A, the 14, 21, 31 EMA is still serving as the dynamic resistance for the FBM2nd Board Index, and as long as the FBM2nd Board Index is still resisted by the falling dynamic resistance, the outlook shall remains bearish biased, unless the FBM2nd Board Index could break above the dynamic resistance.
As circled at B, the Stochastic %D line falls below the 30% level, and therefore, the Stochastic is now showing a short term bearish signal. As long as the Stochastic is situated below the 30% level, the market movement for the short term is expected to be bearish biased.
As indicated by C, the MACD histogram declined marginally on Friday, and therefore, there is still an tendency of forming a rounding top. If the MACD histogram should continue falling, it would suggests a weakening market movement.
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