Winchart Technical Analysis - Daily Market analysis
On Friday, the FBM2nd Board Index ended 14.04 points lower to close at 5748.82 points. As shown on the chart above, the T1 and T2 downtrend channel remains intact, and provided that the FBM2nd Board Index is still staying inside the downtrend channel, the outlook for the FBM2nd Board Index shall remain bearish biased. Nevertheless, support for the FBM2nd Board Index is seen at 5577.58 points.
As circled at B, the Stochastic is testing the 30% level again. If the Stochastic should break above the 30% level, it would be an end to the short term bearish signal, and the FBM2nd Board Index is likely to continue its consolidation. However, if the Stochastic should return to the 30% and below level, the short term bearish signal shall remain intact, thus the market movement for the FBM2nd Board Index is still bearish biased.
As circled at C, the MACD histogram continue ticking higher on Friday, and therefore, it is still showing a rounding bottom signal. The rounding bottom signal suggests a consolidation signal for the FBM2nd Board Index. If the MACD histogram should continue rising, the consolidation is expected to continue.
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