Winchart Technical Analysis -
Daily Market analysis
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On Tuesday, the FBM2nd Board Index rebounded on the last minute, closing 16.62 points higher at 6644.30 points. However, as indicated by A, the 14, 21, 31 EMA is still serving as the dynamic resistance, and therefore, the outlook for the FBM2nd Board Index shall remains bearish biased.
As circled at B, the Stochastic is still staying below the 30% level, which is the short term bearish region. In other words, the Stochastic is still showing a short term bearish signal, and the short term market movement for the FBM2nd Board Index is expected to be bearish biased until the Stochastic could break above the 30% level successfully.
As indicated by C, the MACD histogram continue falling on Tuesday, and therefore, the rounding top signal remains intact. In short, as long as the MACD histogram is still declining, it suggests a weakening market movement.
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