Winchart Technical Analysis -
Daily Market analysis
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As indicated by A, the FBM2nd Board Index failed to break out from the 14-EMA after tested it yesterday. Therefore, the 14, 21, 31 EMA is still 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.
As circled at B, the Stochastic is still showing a short tern neutral signal. If the Stochastic should break above the 70% level, it would be a short term bullish signal, and the market movement for the short term would likely to be bullish biased.
As circled at C, the MACD continued rising on Thursday, and the Rounding Bottom signal remains intact. However, since the FBM2nd Board Index is still resisted by the dynamic resistance, readers are advised to monitor the MACD histogram. If the MACD histogram should form a rounding top, it would be a signal suggesting that the FBM2nd Board Index is weakening.
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