Winchart Technical Analysis - Daily Market analysis
As indicated by A, the FBM2nd Board Index marked another new low on Monday at 5550.55 points before closing at 5636.93 points. Meanwhile, the T1 and T2 downtrend channel remains intact, suggesting that the FBM2nd Board Index is still trending down. At the moment, the FBM2nd Board Index is testing the 5577.58 support. If the FBM2nd Board Index should break below this support level, the outlook for the FBM2nd Board Index shall remains bearish biased.
As circled at B, the Stochastic is still showing a short term bearish signal. Therefore, the market movement for the short term is expected to be bearish biased, until the Stochastic can successfully breaking above the 30% level.
As circled at C, the MACD histogram started falling, and ended the rounding bottom signal. This suggests that the short term technical rebound or consolidation of the FBM2nd Board Index has ended, and as long as the MACD histogram is falling, the FBM2nd Board Index is expected to turn weak.
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