Winchart Technical Analysis - Daily Market analysis
On Tuesday, the FBM2nd Board Index ended 20.17 points to close at 5786.17 points. As indicated by A, the FBM2nd Board Index is still resisted by the 14, 21, 31 EMA and therefore, the immediate outlook shall remain bearish biased. Nevertheless, the downtrend channel of T1 and T2 is still intact, and the support is still seen at 5577 level.
As circled at B, the Stochastic %K line fall below the 30% level on Tuesday and issued a short term bearish signal. However, this signal is yet to be confirmed by the %D line. If the %D line should also break below the 30% level, it would confirm the %K line signal, and the short term market movement for the FBM2nd Board Index would turn from neutral to short term bearish biased.
As circled at C, the MACD histogram is still falling while showing a rounding top. This suggests that the FBM2nd Board Index is turning weak. Nevertheless, as mentioned in yesterday's analysis, if the MACD histogram should tick up and form a rounding bottom, with the MACD line above the trigger line, it would be another bullish signal for the FBM2nd Board Index.
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