WinChart Technical Analysis - Daily Market analysis
As indicated by A, the Bollinger Bands Width for FBM2nd Board Index did not expand on Friday, and therefore, suggesting that the FBM2nd Board Index is still consolidating. But since the FBM2nd Board Index is still staying in the downtrend channel (T1 and T2), and outlook for the FBM2nd Board Index remains bearish biased. Nevertheless, should the Bollinger Bands Width expands, it would mark a new movement for the FBM2nd Board Index, and as for the direction of new movement, it would have to be determined by the Bollinger Middle Band. For the mean time, we shall be monitoring the development of the Bollinger Bands Width. Support for the FBM2nd Board Index is still seen at 5577 level.
As circled at B, the Stochastic %D line fall below the 30% level, and therefore, confirmed the short term bearish signal. If the Stochastic should remain below the 30% level, the short term market movement for the FBM2nd Board Index is likely to be bearish biased.
As indicated by C, the MACD histogram has not formed a rounding bottom yet, and that means the current reading is still showing that the MACD signal is still weakening. Nevertheless, should the MACD histogram rises and forms a rounding bottom, it would be a continuation of the MACD bullish signal, since the MACD line is still above the trigger line.
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