Winchart Technical Analysis - Daily Market analysis
As shown on the chart above, the FBM2nd Board Index advanced 101.76 points to close at 5786.67 points. As indicated by A, the FBM2nd Board Index is testing the 14, 21, 31 EMA dynamic resistance now. Despite the recent gains, the FBM2nd Board Index is still considered as technical rebound for the T1 and T2 downtrend channel is still intact.
As circled at B, the WinChart RSI rose again on Tuesday while staying above the 30% level. Therefore, the WinChart RSI is now showing a mid term neutral market sentiment for the FBM2nd Board Index.
As circled at C, the Stochastic %K line breaks above the 70% by margin. If the %K line should break above the 70%, it would be an unconfirmed short term bullish signal. If the Stochastic %D line should also break above the 70% level, it would confirm the %K line signal, and the market movement for the short term would turn bullish biased.
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