Winchart Technical Analysis - Daily Market analysis
On Wednesday, the FBM2nd Board Index continue ended lower to close at 5645.28 points, down 13.93 points. The FBM2nd Board Index is now testing the support of the 5536 – 5590 level, while the 14, 21, 31 EMA is still falling. As indicated by A, the 14, 21, 31 EMA is still the dynamic resistance for the FBM2nd Board Index. Therefore, if the FBM2nd Board Index should continue resisted by the falling dynamic resistance, the outlook shall remains bearish biased.
As circled at C, the Stochastic %K line falls slightly below t he 30% level, and triggered an unconfirmed short term bearish signal. If the Stochastic %D line should also break below the 30% level, it would confirm the short term bearish signal, and the short term market movement for the FBM2nd Board Index would be bearish biased.
As circled at C, despite the MACD histogram rising marginally, the rounding bottom signal is still not yet sighted. Therefore, if the MACD histogram should tick low, it would be a signal suggesting the FBM2nd Board Index is turning weak again.
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