Winchart Technical Analysis -
Daily Market analysis
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On Monday, the FBM2nd Board Index continue its consolidation, closing 13.04 points higher to 6665.12 points. As indicated by A, the FBM2nd Board Index is now testing the 14, 21, 31 EMA, which is still the dynamic resistance for the FBM2nd Board Index. Therefore, if the FBM2nd Board Index should remains resisted by the falling dynamic resistance, the outlook for the FBM2nd Board Index shall remains bearish biased.
As circled at B, the Stochastic %K line breaks above the 30% level on Monday, giving an unconfirmed short term neutral signal. If the Stochastic %D line should break above the 30% level, it would confirm the Stochastic %K line, and the market movement for the short term would turn from bearish biased to neutral.
As indicated by the C arrow, the MACD histogram continue ticking higher on Monday. Therefore, it formed a rounding bottom signal, which is a consolidation signal for the FBM2nd Board Index. If the MACD histogram should continue rising, the outlook for the FBM2nd Board Index shall improve.
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