Winchart Technical Analysis - Daily Market analysis
As indicated by A, the FBM2nd Board Index continued its consolidation above the 5577 support level, closing at 5643.60 points on Friday. Although the FBM2nd Board Index is consolidating, the T1 and T2 downtrend channel remains intact. Together with the 14, 21, 31 EMA still serving as the dynamic resistance for the FBM2nd Board Index, the outlook for the FBM2nd Board Index shall remains bearish biased.
As circled at B, the Stochastic failed to break above the 30% level again on Friday, and therefore, the short term bearish signal remains intact. In other words, the short term market movement for the FBM2nd Board Index is still bearish biased.
As circled at C, the WinChart RSI is testing the 30% level again on Friday. If the WinChart RSI should break above the 30% level, it would mark an end to the mid term bearish signal, and the mid term sentiment for the KLCI would turn from bearish biased to neutral.
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