Winchart Technical Analysis - Daily Market analysis
As indicated by A, the Bollinger Bands Width for the FBM2nd Board Index expanded 10% on Thursday, and with the FBM2nd Board Index staying above the Bollinger Middle Band, it suggests a bullish biased signal. At the moment, the FBM2nd Board Index is set to test the T1 downtrend line. If the Bollinger Bands Width should continue expanding, there should be more upside room for the FBM2nd Board Index. Nevertheless, next resistance for the FBM2nd Board Index is seen at 5956 Fibonacci Retracement line.
As circled at B, the Stochastic %K reached 100% on Thursday. This suggests a bullish biased signal for the FBM2nd Board Index. If the Stochastic %D line should break above the 70% level, it would confirm the %K line signal, and the market movement for the short term would turn to bullish biased.
As circled at C, the MACD histogram continue rising, and therefore, showing a rounding bottom signal. The rounding bottom suggests that the FBM2nd Board Index is gaining strength, and the positive movement is expected to continue until the MACD histogram forms a rounding top.
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