Winchart Technical Analysis - Daily Market analysis
As circled at A, the FBM2nd Board Index remains resisted by the 14, 21, 31 EMA dynamic resistance while continue moving sideways in the congestion area. Meanwhile, the 6588 resistance level remains intact. Therefore, if the FBM2nd Board Index should remains resisted by the dynamic resistance, the immediate outlook for the FBM2nd Board Index shall remains neutral to bearish biased. Nevertheless, 6135 level is still the support for the FBM2nd Board Index.
As circled at B, the Stochastic is still showing a short term bullish signal. Therefore, the Stochastic suggests that the short term movement for the FBM2nd Board Index has been improving. If the Stochastic should remains above the 70% level, the short term movement for the FBM2nd Board Index shall remains bullish biased. However, if the Stochastic should fall below the 70% level, it would be a signal suggesting a neutral signal.
As circled at C, the MACD histogram remains rising on Monday, and therefore, suggesting that the short term movement for the FBM2nd Board Index is still improving. However, since the FBM2nd Board Index has been resisted by the dynamic resistance, we advise our readers to monitor the development of the MACD histogram. Should the MACD histogram forms a round top, it would be a signal suggesting a weakening of the MACD bullish signal, thus a weakening of the FBM2nd Board Index short term movement.
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