Winchart Technical Analysis - Daily Market analysis
Although the FBM2nd Board Index rebounded 33.47 points on Thursday, it remains resisted by the 14, 21, 31 EMA. Therefore, the 14, 21, 31 EMA is still serving as the dynamic resistance for the FBM2nd Board Index. Provided that the FBM2nd Board Index is still resisted by the falling dynamic resistance, the market outlook for the FBM2nd Board Index shall remains bearish biased.
As circled at B, the Stochastic %K remains below the 70% level. Therefore, if the Stochastic %D line should fall below the 70% level, it would confirm the %K line signal, and the market movement for the short term shall turn from bullish biased to neutral.
As indicated by the arrow C, the MACD histogram formed a rounding top signal. The rounding top suggesting that the FBM2nd Board Index movement is weakening, and the weakening movement is expected to continue until the MACD histogram rebound and form a rounding bottom.
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