Winchart Technical Analysis - Daily Market analysis
As indicated by A, the Bollinger Bands Width of the FBM2nd Board Index expanded another 48% on Thursday. Therefore, the FBM2nd Board Index continue the Bollinger Bands bearish signal, losing another 75.04 points. At the moment, the Bollinger Middle Band is now the dynamic resistance for the FBM2nd Board Index, and provided that the FBM2nd Board Index is still resisted by the Bollinger Middle Band, the immediate outlook shall remain bearish biased. Support for the FBM2nd Board Index is still seen at the 6135 level.
As circled at B, the Stochastic fall below the 30% level on Thursday, giving a short term bearish signal. Therefore, as long as the Stochastic is moving below the 30% level, the market movement for the short term is expected to be bearish biased.
As indicated by the Arrow-C, the MACD histogram is still falling. Therefore, the falling MACD histogram suggests that the current movement for the FBM2nd Board Index is still weakening, and the weak movement is expected to continue until the MACD histogram rise up and form a rounding bottom.
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