Winchart Technical Analysis - Daily Market analysis
Since the FBM2nd Board Index has been consolidating, and the Bollinger Bands width was also contracted, it is a suitable time to apply the Bollinger Bands Width now. As indicated by A, the FBM2nd Board Index is now above the Bollinger Middle Band, and the Bollinger Bands Width also expanded 10%, suggesting an increase of fluctuation. If the Bollinger Bands Width should continue expanding with the FBM2nd Board Index staying above the Bollinger Middle Band, it would be a bullish signal.
As circled at B, the Stochastic %K line rebounded on Thursday, and therefore, the short term bullish signal remains intact. Therefore, provided that the Stochastic is still above the 70% level, the market movement for the short term is likely to be bullish biased.
As circled at C, the MACD histogram has not form a rounding top yet. Also, as indicated by C1, the MACD line is still rising. This suggests that the by comparing the previous movement, the longer term movement for the FBM2nd Board Index has improved. Therefore, if the MACD line should remains rising, the improvement is expected to continue.
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