Winchart Technical Analysis - Daily Market analysis
On Tuesday, the FBM2nd Board Index ended 24.91 points lower to close at 5859.65 points. As indicated by A, the FBM2nd Board Index is still resisted by the 14, 21, 31 EMA, while still staying in the downtrend channel of T1 and T2. Nevertheless, the support for the FBM2nd Board Index is still seen at 5577 level. If the FBM2nd Board Index should rebound from the 5577 support, there is a chance for the FBM2nd Board Index to form a double bottom.
Despite the correction of the FBM2nd Board Index, as circled at B, the Stochastic remains above the 70% level, which is still showing a short term bullish signal, suggesting that the market movement for the FBM2nd Board Index is still bullish biased.
As circled at C, the MACD histogram is still rising, suggesting that the MACD bullish signal is still intact. However, since the MACD histogram rising rate is slower, and there is a chance to for a rounding top. If the MACD histogram should form a rounding top, it would suggests a weakening of the MACD bullish signal, thus the short term movement is likely to turn weak.
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