Winchart Technical Analysis - Daily Market analysis
On Friday, the FBM2nd Board Index rebounded 30.72 points to close at 5688.68 points. However, as indicated by A, the 14, 21, 31 EMA remains falling while serving as the dynamic resistance for the FBM2nd Board Index. Therefore, the outlook for the FBM2nd Board Index is still negative biased with a support at 5536 Fibonacci Retracement line.
As circled at B, the Stochastic managed to return to the short term neutral region, and therefore, if the Stochastic should not return back to below the 30% level, the FBM2nd Board Index is likely to consolidate.
As circled at C, the MACD histogram ticked up on Friday, and therefore, the MACD may have a chance in forming a rounding bottom. If the MACD should form a rounding bottom, it would be a signal suggesting a consolidation. However, as for the longer term view, the MACD line must break above the zero-level in order to break away from the bearish zone.
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