Winchart Technical Analysis - Daily Market analysis
As indicated by A, the FBM2nd Board Index retested the 6135 support level on Monday, closing 70.65 points to 6170.42 points. Despite the FBM2nd Board Index breaching below the 6135 points, it managed to rebound and close at 6170.42 points. Therefore, the 6135 points is still the support for the FBM2nd Board Index. Meanwhile, T1 and the 14, 21, 31 EMA are still serving as the dynamic resistance, and therefore, provided that the FBM2nd Board Index is still staying below the dynamic resistance, the outlook for the FBM2nd Board Index shall remain bearish biased.
As circled at B, the Stochastic remains below the 30% level, and the short term bearish signal remains intact. Therefore, the short term market movement for the FBM2nd Board Index is expected to be bearish biased.
As circled at C, the MACD histogram failed to form a rounding bottom signal. On Monday, the MACD histogram started falling again, and therefore, suggesting that the FBM2nd Board Index is still turning weak.
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