Winchart Technical Analysis - Daily Market analysis
As indicated by A, the Bollinger Bands Width expanded 28% on Wednesday. Since the FBM2nd Board Index is situated below the Bollinger Middle Band, the expansion of the Bollinger Bands Width suggests a bearish signal. Therefore, provided that the FBM2nd Board Index remains below the Bollinger Middle Band, the bearish signal is expected to continue. Nevertheless, the next support for the FBM2nd Board Index is seen at the 6135 level.
As circled at B, the Stochastic %K line falls below the 30% on Wednesday, giving an unconfirmed short term bearish signal. If the Stochastic %D line should fall below the 30% level, it would confirm the %K line signal, and the market movement for the short term would turn from neutral to bearish biased.
As indicated by the arrow-C, the MACD histogram is still falling and the rounding top is still visible. Therefore, as long as the MACD histogram is still falling, the bearish biased movement for the FBM2nd Board Index is expected to continue until a rounding bottom is sighted.
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