Winchart Technical Analysis - Daily Market analysis
As shown on the chart above, the FBM2nd Board Index attempted to retest the 6588 resistance level, and again it failed and remain resisted by the 6588 level as well as the 14, 21, 31 EMA dynamic resistance, as indicated by A. Therefore, as long as the FBM2nd Board Index is still resisted by the falling dynamic resistance, the immediate outlook for the FBM2nd Board Index is likely to be bearish biased. Nevertheless, support for the FBM2nd Board Index is still seen at 6135.
As circled at B, the Stochastic is still showing a short term neutral signal, while staying around the 50% level. Therefore, the market movement for the short term is at neutral now. If the Stochastic should break above the 70% level, it would be a short term bullish signal for the FBM2nd Board Index. Otherwise, if the Stochastic should fall below the 30% level, it would be a short term bearish signal for the FBM2nd Board Index.
As indicated by C, the MACD histogram continue rising on Wednesday, and therefore still showing the rounding bottom signal. In other words, as long as the MACD histogram remains rising, the FBM2nd Board Index is likely to consolidate further with some improvement, until the MACD histogram started falling and forming a rounding top.
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