As mentioned in yesterday's analysis, since the FBM2nd Board Index marked a new low, there was no reliable support for the FBM2nd Board Index. On Wednesday, the FBM2nd Board Index reached another new low with 5329.74 points before settling at 5392.09 points. Still, the FBM2nd Board Index is still making a new low, and therefore, there is still no reliable support for the FBM2nd Board Index. Nevertheless, as indicated by A, the 14, 21, 31 EMA is still falling and the dynamic resistance remains intact; therefore, the outlook for the FBM2nd Board Index is still bearish biased.

As circled at B, the WinChart RSI is still falling while staying below the 30% level, which is the mid term bearish region. Therefore, this suggests that the market sentiment for the mid term is at bearish.

As circled at C, the Stochastic %K line breaks below the 30% level, giving an unconfirmed short term bearish signal. If the Stochastic %D line should also break below the 30% level, it would confirm the %K line signal, and the market movement for the short term would be bearish biased.

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