Winchart Technical Analysis -
Daily Market analysis
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As indicated by A, the FBM2nd Board Index rose 43.76 points on Wednesday, closing at 6708.88 points. Also, the FBM2nd Board Index is now testing the 14-day EMA, and the 14, 21, 31 EMA is still serving as the dynamic resistance for the FBM2nd Board Index. If the FBM2nd Board Index should break above the dynamic resistance, it would break out from the downtrend, and form a new trend. However, if the FBM2nd Board Index should remains resisted by the dynamic resistance, the downtrend shall continue.
As circled at B, the Stochastic %D line breaks above the 30% level, and therefore, confirming the %K line signal. At the moment, the Stochastic is still showing a short term neutral signal, and the market movement for the short term is at neutral.
As indicated by C, the MACD histogram continue rising on Wednesday, and therefore, the rounding bottom signal remains intact. The rising of the MACD histogram also suggests an improving movement of the FBM2nd Board Index, and therefore, if the MACD histogram should continue rising, the short term outlook for the FBM2nd Board Index is likely to improve.
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