Winchart Technical Analysis - Daily Market analysis
As shown on the chart above, the FBM2nd Board Index ended higher on Wednesday, closing 78.10 points higher to 5890.87 points. However, as indicated by A, the FBM2nd Board Index is still resisted by the 14, 21, 31 EMA and T1 downtrend line, which are serving as the dynamic resistance for the FBM2nd Board Index. Nevertheless, support for the FBM2nd Board Index is seen at 5577.58 WinChart Automatic Fibonacci Retracement line.
As circled at B, the Stochastic %K breaks above the 30% level with the %D breaking above 30% marginally. If the Stochastic could really break above the 30% level, it would mark and end to the short term bearish signal. If the Stochastic should remain between the 30% - 70% level, the market movement for the short term is expected to be neutral.
As circled at C, the MACD histogram ticked up on Wednesday, and therefore, there is a chance of the MACD histogram forming a rounding bottom signal. If the MACD histogram should form a rounding bottom, it would suggests that the FBM2nd Board Index is consolidating or even a chance to turn positive.
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