Winchart Technical Analysis - Daily Market analysis
On Monday, the FBM2nd Board Index touched a daily low at 5575.56 points, and regained some losses just before closing at 5623.54, ended the day 23.20 lower. It seems like the FBM2nd Board Index is now testing the 5536 to 5590 support level. If the FBM2nd Board Index should break below this support, it would mark another new low. Meanwhile, as indicated by A, the 14, 21, 31 EMA is still serving as the dynamic resistance for the FBM2nd Board Index, and as long as the FBM2nd Board Index is still staying below the dynamic resistance, the market outlook for the FBM2nd Board Index shall remains bearish biased.
As circled at B, the Stochastic failed to break above the 30% level, and therefore, the short term bearish signal remains intact, and the market movement for the short term is still bearish biased.
Despite the EMA and the Stochastic are showing negative signal, the MACD histogram is still showing a rounding bottom. If the MACD histogram should start falling again, it would suggests an end to the consolidation, and continue the falling trend. Nevertheless, it is important to know that both MACD and Stochastic are Secondary Indicators, and therefore, the priority of the analysis should still based on the chart, (support and resistance) and Primary Indicator like EMA.
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