Winchart Technical Analysis - Daily Market analysis
On Friday, the FBM2nd Board Index continued its sideways movement, closing 2.41 points lower to 5646.74 points. As indicated by A, the 14, 21, 31 EMA is still serving as the dynamic resistance for the FBM2nd Board Index, and therefore, the immediate outlook for the FBM2nd Board Index is still bearish biased, with the support at 5536 to 5590 level.
As circled at B, the Stochastic is still marginally below the 30% level, and therefore, the short term bearish biased signal remains intact. If the Stochastic should break above the 30% level, the market movement for the short term shall return to neutral.
As circled at C, the MACD histogram is ticking higher, and now begins to form a rounding bottom. Therefore, this suggests that the FBM2nd Board Index is consolidating, or even have a chance to regain some strength.
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