Winchart Technical Analysis - Daily Market analysis
As indicated by A, the FBM2nd Board Index is resisted by the 14, 21, 31 EMA dynamic resistance, while staying in the congestion zone. Also, the breakout of the 6588 level is still not yet confirmed.
As circled at B, the Stochastic %D line breaks above the 70% level by margin, while the %K line is still above the 70% level, which is the short term bullish region. If the Stochastic should remain above the 70% level, the market movement for the short term would likely to be bullish biased.
As circled at C, the MACD line crosses above the trigger line on Tuesday, triggering a bullish signal. Therefore, the MACD histogram is now above the zero level. Provided that the MACD histogram is still rising, it would suggest that the bullish MACD signal is still gaining strength.
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