Winchart Technical Analysis - Daily Market analysis
On Tuesday, the FBM2nd Board Index ended 102.95 points higher to close at its daily high of 6552.82 points. At the moment, the FBM2nd Board Index is testing the 6588 Resistance level, which happens to be the 38.2% Retracement level of the WinChart Automatic Retracement line. Meanwhile, the 14, 21, 31 EMA is still serving as the dynamic resistance for the FBM2nd Board Index. Therefore, the FBM2nd Board Index must break out from the dynamic resistance in order to have more upside potential.
As circled at B, the Stochastic is now showing a short term neutral signal. If the Stochastic should break above the 70% level, it would be a short term bullish signal for the FBM2nd Board Index.
As indicated by C, the MACD histogram continue showing a rounding bottom signal, with the MACD histogram continue ticking higher. Therefore, the rounding bottom signal suggesting a consolidation for the FBM2nd Board Index and some improvement of the FBM2nd Board Index short term movement. Provided that the MACD histogram is rising, the FBM2nd Board Index is still positive biased.
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