Winchart Technical Analysis - Daily Market analysis
As indicated by A, the FBM2nd Board Index rebounded 41.31 points to close at 5684.91 points. Therefore, the 5577 level is still the support level for the FBM2nd Board Index, and the FBM2nd Board Index is at its consolidation above the 5577 level. However, since the T1 and T2 downtrend channel as well as the 14, 21, 31 EMA are still serving as the dynamic resistance for the FBM2nd Board Index, the outlook for the FBM2nd Board Index shall remain bearish biased.
As circled at B, the WinChart RSI breaks above the 30% marginally on Monday. If the WinChart RSI should maintain above the 30% level, the market sentiment for the mid term would be lifted to neutral from bearish.
As circled at C, the Stochastic also rebounded on Monday. However, it is still staying below the 30% level, and therefore, the short term bearish signal remains intact, and the short term market movement for the FBM2nd Board Index is likely to be bearish biased.
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