Winchart Technical Analysis - Daily Market analysis
On Wednesday, the FBM2nd Board Index lost 47.30 points, closing at 5694.96 points. As indicated by A, the 14, 21, 31 EMA is still falling while serving as the dynamic resistance for the FBM2nd Board Index. Therefore, provided that the FBM2nd Board Index is still resisted by the falling 14, 21, 31 EMA, the outlook for the FBM2nd Board Index is expected to be bearish biased. Nevertheless, support for the FBM2nd Board Index is still at 5536 Fibonacci Retracement line.
As circled at C, the Stochastic rebounded slightly on Wednesday. However, it is still very closed to the 30% level, which is the short term bearish region. If the Stochastic should break below the 30% level, it would be a short term bearish signal for the FBM2nd Board Index.
Lastly, as circled at C, the MACD histogram continues to fall on Wednesday. This suggests that the FBM2nd Board Index is still turning weak; and the weakness of the FBM2nd Board Index is expected to continue until the MACD histogram should tick up and form a rounding bottom.
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