Winchart Technical Analysis - Daily Market analysis
On Friday, the FBM2nd Board Index ended 22.67 points higher to close at 5806.05 points. As indicated by A, the FBM2nd Board Index is still resisted by the 14, 21, 31 EMA, while the T1 and T2 downtrend channel remains intact. Based on the current chart reading, the best consolidation for the FBM2nd Board Index would be a sideways consolidation. Nevertheless, support for the FBM2nd Board Index is still seen at the 5577 level.
As circled at B, the Stochastic %D line breaks below the 70% level, and therefore, ended the short term bullish signal. As the moment, the Stochastic is showing a short term neutral signal. If the Stochastic should return to above the 70% level, it would be another short term bullish signal for the FBM2nd Board Index.
As circled at C, the MACD histogram remains falling while still showing a rounding top. Therefore, this suggests that the FBM2nd Board Index is still weakening, and the weakening movement is expected to continue until the MACD histogram ticks up and form a rounding bottom.
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