Winchart Technical Analysis -
Daily Market analysis
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After a mid technical rebound on Tuesday, the FBM2nd Board Index resumes it falling on Wednesday, closing 9.23 points lower to 6635.07 points. Therefore, this has shown the effect of the 14, 21, 31 EMA descending dynamic resistance. Meanwhile, as indicated by A, the FBM2nd Board Index was resisted by the 6658 level, and therefore, the immediate resistance level is seen at 6658 level.
As circled at B, the Stochastic is still situated below the 30% level, and therefore, suggesting that the short term bearish signal is still intact. Provided that the Stochastic is still staying below the 30% level, the market movement for the short term is expected to be bearish biased. If the Stochastic should break above the 30% level, there is a chance for the FBM2nd Board Index to consolidate.
As indicated by C, the MACD histogram is still falling, while the rounding top signal is still intact. Therefore, the MACD histogram is still showing a weakness of the FBM2nd Board Index. However, readers are advised to monitor the MACD histogram for if the histogram should tick up and form a rounding bottom, it would be a signal of a consolidation for the FBM2nd Board Index.
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