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, 21, 31 EMA, and remained resisted by the EMA. Therefore, the 14, 21, 31 EMA is still the dynamic resistance for the FBM2nd Board Index. In other word, as long as the FBM2nd Board Index is still resisted by the falling dynamic resistance, the outlook for the FBM2nd Board Index shall remains bearish biased.
As circled by B, the Stochastic %K line breaks above the 70% marginally on Friday. However, since the %D line is still lagging in the neutral region, it has not confirmed the %K line signal. If the %D line should break above the 70% level, it would be a short term bullish signal, and the market movement for the FBM2nd Board Index is likely to be bullish biased.
As circled at C, the MACD histogram has not formed a rounding top yet; therefore, based on the current chart, the MACD histogram is still suggesting an improving short term movement for the FBM2nd Board Index, and the signal is expected to continue until if formed a rounding top.
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