Winchart Technical Analysis - Daily Market analysis
On Thursday, the FBM2nd Board Index ended 41.19 points lower to close at 6257.25 points. Therefore, the FBM2nd Board Index is still consolidating. However, as indicated by A, since the FBM2nd Board Index is still staying below the T1 and the 14, 21, 31 EMA dynamic resistance, the outlook for the FBM2nd Board Index is still bearish biased. Nevertheless, the support for FBM2nd Board Index is still seen at 6135 points.
As circled at B, the Stochastic failed to break out from the 30% level. Therefore, the Stochastic is still showing a short term bearish signal, and the market movement for the short term is likely to remain bearish biased.
As circled at C, the MACD histogram did not form a rounding bottom successfully. Therefore, this shows that the FBM2nd Board Index is still not regaining its strength. If the MACD histogram should start falling again, the FBM2nd Board Index movement is expected to stay weak.
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