Winchart Technical Analysis - Daily Market analysis
On Friday, the FBM2nd Board Index ended another 99.66 points lower to 6293.69 points as the Bollinger Bands Width continue to expand. As indicated by A, the FBM2nd Board Index is now testing the 6135 support level, and if the FBM2nd Board Index should rebound from the support, there will be a chance for the FBM2nd Board Index to consolidate. However, as long as the FBM2nd Board Index is still staying below the Bollinger Middle Band, which is also the dynamic resistance, the outlook for the FBM2nd Board Index is still bearish biased.
As circled at B, the Stochastic is still staying below the 30% level, which is the short term bearish region. Therefore, the Stochastic is still suggesting a short term bearish biased signal for the FBM2nd Board Index.
As indicated by C, the MACD line crosses below the trigger line, triggering a bearish signal. Meanwhile, the MACD histogram is still falling, suggesting that the current movement for the FBM2nd Board Index is still weakening.
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