Winchart Technical Analysis - Daily Market analysis
On Thursday, the FBM2nd Board Index ended42.07 points lower to close at 5923.07 points, despite reaching a daily high at 6010.40 points. As shown on the chart, the FBM2nd Board Index is still resisted by the 5956 Fibonacci Retracement line. As indicated by A, the Bollinger Middle Band is still serving as the dynamic support for the FBM2nd Board Index. If the FBM2nd Board Index should remain supported by the Bollinger Middle Band, the bullish Bollinger Bands signal is still intact.
As circled at B, the Stochastic %K falls below the 90% level, suggested a beginning of a short term technical correction. However, if the Stochastic should remain above the 70% level, the market movement for the short term is still bullish biased.
As circled at C, although the MACD histogram is still rising, the rising speed has reduced significantly. Therefore, there is a risk for the MACD histogram to form a rounding top. If the MACD histogram should form a rounding top, it would suggest that the FBM2nd Board Index is turning weak.
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