Winchart Technical Analysis -
Daily Market analysis
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On Monday, the Bollinger Bands Width on the FBM2nd Board Index expanded with the FBM2nd Board Index staying below the Bollinger Middle Band, therefore, it suggested a bearish signal. Therefore, with high possibility of forming a downtrend, we shall apply the 14, 21, 31 EMA, which serves as a dynamic resistance for the FBM2nd Board Index. In other words, as long as the FBM2nd Board Index is still resisted by the falling dynamic resistance, the outlook for the FBM2nd Board Index shall remains bearish biased. Support for the FBM2nd Board Index is now seen at 6940.30 Fibonacci Retracement line.
As circled at B, the Momentum indicator continue falling after a mild rebound on Friday. This shows that the momentum of the FBM2nd Board Index is still negative, and therefore, as long as the momentum is falling, the FBM2nd Board Index movement is expected to be downside biased.
As circled at C, the Stochastic is still staying below the 30% level (Short term bearish region), which is a short term bearish signal. Therefore, the short term movement for the FBM2nd Board Index is expected to be bearish biased.
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