Winchart Technical Analysis - Daily Market analysis
On Tuesday, the FBM2nd Board Index ended 12.40 lower to close at 5611.14 point, with its daily low reaching 5569.08 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, the outlook for the FBM2nd Board Index is still bearish biased. Meanwhile, the FBM2nd Board Index is now testing the 5536 – 5590 support level. If it should break below the support level, it is likely to break another new low, thus the bearish outlook would continue.
As circled at B, the Stochastic failed to break above the 30% level successfully, and therefore, the short term bearish signal remains intact. It is important to point out that the Stochastic is staying below the 30% because the FBM2nd Board Index has been moving lower, and therefore, readers are advised not to mistaken it as a buy low signal.
As circled at C, the WinChart RSI is also below 30% level. This shows that the mid term market strength for the FBM2nd Board Index is bearish, thus suggesting that the current movement if compared to the movement 14-days ago is still weakening.
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