Winchart Technical Analysis - Daily Market analysis
On Thursday, the FBM2nd Board Index rebounded and closed at its daily high of 6409.91 points, up 173.42 points. Since the FBM2nd Board Index rebounded from the 6135.52 level, the 6135.52 level is now the current support for the FBM2nd Board Index. Currently, the 6587 level of the WinChart Automatic Fibonacci Retracement is the resistance for the FBM2nd Board Index. As indicated by A, the 14, 21, 31 EMA, is still serving as the dynamic resistance for the FBM2nd Board Index. Therefore, if the FBM2nd Board Index should remain resisted by the dynamic resistance, the outlook for the FBM2nd Board Index shall remain bearish biased.
As circled at B, the Stochastic %K breaks above the 30% by margin on Thursday. If the Stochastic should break above the 30% level successfully, it would suggests an end to the short term bearish signal, and the FBM2nd Board Index would have a chance to consolidate. From the technical analysis point of view, the best consolidation is a sideways consolidation.
As circled at C, the MACD histogram has not formed a rounding bottom yet. If the MACD histogram should form a rounding bottom, it would means a short term rebound or improvement for the FBM2nd Board Index. However, the longer term picture for the FBM2nd Board Index remains negative biased, for the MACD line remains below the zero-level.
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