Winchart Technical Analysis - Daily Market analysis
On Wednesday, the FBM2nd Board Index tested the 14, 21, 31 EMA dynamic resistance. As indicated by A, the FBM2nd Board Index precisely resisted at the 14-day EMA line. Therefore, this shows that the FBM2nd Board Index is still staying in a downtrend. Furthermore, the T1 and T2 downtrend channel is still intact. Nevertheless, support for the FBM2nd Board Index is still at 5577 level.
As circled at B, WinChart RSI continued rising, while staying in the mid term neutral region. Therefore, this suggests that the mid term market strength or market sentiment is neutral.
As circled at C, Stochastic %K line remain above the 70% level, which is the short term bullish region. 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 be at bullish biased.
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