Winchart Technical Analysis - Daily Market analysis
As indicated by A, the FBM2nd Board Index marked another new low at 5536.03 points before rebounded to close at 5678.62 points, up 41.69 points. Therefore, the 5577 level is still the support for the FBM2nd Board Index. However, since the T1 and T2 downtrend channel is still intact, and the 14, 21, 31 EMA is still serving as the dynamic resistance, the outlook for the FBM2nd Board Index is still bearish biased.
As circled at B, the Stochastic is still staying below the 30% level, which is the short term bearish region. Therefore, this suggests that the short term market movement for the FBM2nd Board Index is still bearish biased, unless the Stochastic could break above the 30% level.
As circled at C, the WinChart RSI is now testing the 30% level. If the WinChart RSI should break above the 30% level, it would suggests that the FBM2nd Board Index is gaining strength, thus the mid term market sentiment would change from bearish biased to neutral.
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