Winchart Technical Analysis - Daily Market analysis
As indicated by A, the FBM2nd Board Index retreated on Wednesday after precisely resisted by the 21-EMA, closing 43.18 points lower to 6689.17 points. Therefore, this shows that the 14, 21, 31 EMA is still serving as the dynamic resistance for the FBM2nd Board Index, and provided that the FBM2nd Board Index is still resisted by the falling dynamic resistance, the outlook for the FBM2nd Board Index is likely to be bearish biased.
As circled at B, the Stochastic %K retreated, which is a sign of short term technical correction. If the Stochastic should break below the 70% level, it would suggests an end to the short term bullish signal.
As circled at C, the MACD histogram is still rising on Wednesday. However, there is a slight tendency in forming a rounding top. If the MACD histogram should form a rounding top, it would be a short term technical correction signal for the FBM2nd Board Index.
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