Winchart Technical Analysis - Daily Market analysis
As shown on the chart above, the FBM2nd Board Index ended 95.61 points lower on Wednesday to close at 6543.09 points. As indicated by A, the FBM2nd Board Index failed to break out from the 14, 21, 31 EMA dynamic resistance, and therefore, if the FBM2nd Board Index should remains resisted by the falling dynamic resistance, the immediate outlook for the FBM2nd Board Index is likely to be bearish biased.
As circled at B, the Stochastic %K line falls below the 70% level, giving an unconfirmed short term neutral signal. If the Stochastic %D line should also break below the 70% level, it would confirm the %K line signal, and it would suggests an end to the short term bullish signal.
As we had mentioned repeatedly, the MACD histogram started falling on Wednesday. Therefore, there is a risk of forming a rounding top. If the MACD histogram should continue falling, the rounding top signal would suggests a weakening movement for the FBM2nd Board Index.
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