Winchart Technical Analysis - Daily Market analysis
As shown on the chart above, the FBM2nd Board Index gained another 72.62 points on Thursday, closing at 5880.83 points. The FBM2nd Board Index breaks above the 14-day EMA line, and now testing the 21-EMA line. The recent technical rebound has definitely lifted the market sentiment, but as for the long term outlook, it is still uncertain for the FBM2nd Board Index is still trending within the downtrend channel of T1 and T2.
As circled at B, the WinChart RSI continue rising, while staying in the mid term neutral region. Therefore, this suggests that the mid term market sentiment is still at neutral.
As circled at C, the Stochastic %K line breaks above the 90% level, suggesting that the current movement of the FBM2nd Board Index is indeed improving. 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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