Winchart Technical Analysis - Daily Market analysis
On Friday, the FBM2nd Board Index started falling again, attempting to test the 6135 support level. As shown on the chart above, the FBM2nd Board Index is still supported by the 6135 support. However, the dynamic resistance of the T1 and the 14, 21, 31 EMA remains intact, and therefore, the market outlook for the FBM2nd Board Index shall remain bearish biased. If the FBM2nd Board Index should break below the 6135 support, it would mark a new low since the inception of the index.
As circled at B, the Stochastic is still staying below the 30% level, which is the short term bearish region. Therefore, with the short term bearish signal remains effective, the market movement for the short term is likely to be bearish biased.
As circled at C, the MACD histogram rebounded slightly on Friday, and therefore may be forming a rounding bottom. If the MACD histogram should form a rounding bottom, it would be a sign of consolidation or even a sign of some improvement for the FBM2nd Board Index.
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