Winchart Technical Analysis -
Daily Market analysis
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As shown on the chart above, the FBM2nd Board Index had a daily low at 7029.77 points before its last minute rebound and close at 7099.64 points, 49.50 points lower. At the moment, the Bollinger Bands Width remains contracting. If the Bollinger Bands Width should expands with the FBM2nd Board Index staying below the Bollinger Middle Band (Study Arrow A), it would be a bearish movement signal. Nevertheless, the next support for the FBM2nd Board Index is seen at 7012.33 Fibonacci Retracement line.
As circled at B, the WinChart RSI remains around in the 50% level, which is still in the neutral region. Therefore, the WinChart RSI is suggesting a neutral signal for the FBM2nd Board Index.
As circled at C, the Stochastic %K line fall below the 30% level, giving a short term bearish signal. However, this signal is yet to be confirmed by the %D line. If the %D line should fall below the 30% level, it would confirm the %K line signal, and the short term movement for the FBM2nd Board Index is likely to be bearish biased.
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