Winchart Technical Analysis - Daily Market analysis
On Monday, the FBM2nd Board Index ended 21.6 points lower to 5528.15 points. Meanwhile, as indicated by A, the 14, 21, 31 EMA is still falling and serving as the dynamic resistance for the FBM2nd Board Index. Therefore, the FBM2nd Board Index movement is still bearish biased, with the support at 5436.22 Fibonacci Retracement line.
As circled at B, the WinChart RSI is still staying below the 30% level, which is the mid term bearish region. This shows that the market sentiment for the mid term is still weak.
As circled at C, the Stochastic is still slightly above the 30% level, which is in the short term neutral region. This is a sign suggests that the FBM2nd Board Index short term is likely to consolidate. However, if the Stochastic should return to below the 30% level again, the short term bearish signal shall resume.
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