Winchart Technical Analysis -
Daily Market analysis
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After consolidating for about a week, the Bollinger Bands Width of the FBM2nd Board Index finally expanded 7%. However, as indicated by A, the FBM2nd Board Index is staying below the Bollinger Middle Band. If the FBM2nd Board Index should continue staying below the Bollinger Middle Band, the outlook for the FBM2nd Board Index would be bearish biased. Nevertheless, the next support for the FBM2nd Board Index is seen at 7012.33 Fibonacci Retracement line.
As circled at B, the WinChart RSI ticked up slightly on Tuesday while still remain in the neutral region. If the WinChart RSI should continue rising, it would suggest an improvement of the market strength. However, the WinChart RSI must break above the 70% level to show a bullish strength for the FBM2nd Board Index.
As circled at C, the Stochastic %K line remains below the 30% level while the %D line is barely above the 30% level. The Stochastic %K line must breakout above the 30% level in order to avoid a short term bearish signal.
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