Winchart Technical Analysis - Daily Market analysis
On Monday, the Bollinger Bands Width of the FBM2nd Board Index expanded another 24%, with the FBM2nd Board Index staying below the Bollinger Middle Band, the FBM2nd Board Index ended another 38.42 points lower. As indicated by A, the FBM2nd Board Index is now testing the 6135 support level. If the FBM2nd Board Index should rebound from this support level, there is a chance for the FBM2nd Board Index to consolidate.
As circled at B, the Stochastic is still staying below the 30% level while showing a short term bearish signal. Therefore, provided that the Stochastic is still staying below 30% level, the market movement for the short term is still bearish biased.
As indicated by C, the MACD histogram is still falling, and therefore, still showing a rounding top signal. In short, as long as the MACD histogram rounding top is still visible, the weakness of the FBM2nd Board Index is expected to continue.
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