Winchart Technical Analysis - Daily Market analysis
As shown on the chart above, the FBM2nd Board Index ended 34.19 points lower to close at 5783.38 points. As indicated by A, the FBM2nd Board Index remain resisted by the 14, 21, 31 EMA, and is now testing the 5577 support level. If the FBM2nd Board Index should rebound from the 5577 level, there is a chance for the FBM2nd Board Index to form a double bottom. Nevertheless, since the T1 downtrend line is still intact, the current outlook for the FBM2nd Board Index is still bearish biased.
As circled at B, the Stochastic %D line almost fall below the 70% level. If the Stochastic %D line should break below 70% level, it would confirm the %K line signal, and the short term market movement for the FBM2nd Board Index would turn from bullish biased to neutral.
As circled at C, the MACD histogram continue falling and therefore, it has formed a rounding top. The rounding top suggests that the FBM2nd Board Index is weakening, and weakening signal is expected to continue until the MACD histogram tick up and form a rounding bottom.
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