Winchart Technical Analysis - Daily Market analysis
On Wednesday, the FBM2nd Board Index ended 6.77 points lower to close at 6602.84 points. As indicated by A, the FBM2nd Board Index is still staying in the congestion zone of the 14, 21, 31 EMA, as well s the 6588 level. Therefore, if the FBM2nd Board Index should continue staying sideways, we shall use Bollinger Bands to monitor the consolidation and the new direction of the KLCI.
As circled at B, the Stochastic is now showing a short term bullish signal, with the %D line confirming the %K line above the 70% level. Therefore, provided that the Stochastic is still staying above the 70% level, the market movement for the short term is likely to be bullish biased.
As indicated by the C arrow, the MACD histogram continue moving higher suggesting that the MACD bullish signal is still gaining strength. Therefore, as long as the MACD line is still rising, the FBM2nd Board Index movement is likely to stay positive biased.
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