Winchart Technical Analysis - Daily Market analysis
On Friday, the FBM2nd Board Index gained another 52.84 points, closing at 5933.67 points. As shown on the chart above, the FBM2nd Board Index ended higher for 5 consecutive days, and as a result, it has rebounded a total of 290.07 points or 5.1%. This has no doubt helped lifted the market sentiment. However, as indicated by A, the FBM2nd Board Index must break above the 14, 21, 31 EMA as well as the T1 downtrend line, in order to totally break away from the downtrend.
As indicated by B, WinChart RSI retreated slightly on Friday, while still staying around the 50
% region, which is the mid term neutral region. Therefore, this shows that the mid term market sentiment is at neutral.
As circled at C, the Stochastic %D line breaks above the 70% level on Friday, confirming the %K line signal. Therefore, as long as the Stochastic can remain above the 70% level, the short term market movement for the FBM2nd Board Index is at bullish biased.
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