Winchart Technical Analysis - Daily Market analysis
On Monday, the FBM2nd Board Index ended at its daily high of 6614.43 points, up 92 points. As indicated by A, the FBM2nd Board Index is still testing the 14, 21, 31 EMA dynamic resistance as well as the 6588 resistance level. If the FBM2nd Board Index should break above these resistance successfully, the outlook for the FBM2nd Board Index would turn positive.
As circled at B, the Stochastic %K line breaks above the 70% level, which is the short term bullish signal. If the Stochastic %D line should also break above the 70% level, it would confirm the %K line signal, and the market movement for the short term would turn to bullish biased.
As shown on the C curve, the MACD histogram continue rising, with the rounding bottom signal remains intact. Therefore, the short term improvement of the FBM2nd Board Index continues. In short, as long as the MACD histogram is still rising, the short term movement for the FBM2nd Board Index is likely to improve.
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