Winchart Technical Analysis - Daily Market analysis
As indicated by A, the Bollinger Bands Width of the FBM2nd Board Index contracted another 17% on Wednesday, suggesting that the FBM2nd Board Index is still consolidating. As the FBM2nd Board Index consolidate, the direction is also unclear. Therefore, readers are advised to monitor the Bollinger Bands Width. If the Bollinger Bands Width should re-expand, it would suggests an end to this consolidation, and a new direction shall begin. Nevertheless, resistance for the FBM2nd Board Index is still at 5956 Fibonacci line, and the immediate support is at the Bollinger Middle Band dynamic support. The next support for the FBM2nd Board Index is seen at 5536 level.
As circled at B, the Stochastic continues to fall on Wednesday, and at the moment it is staying around the 50% level, which is a short term neutral region, suggesting a neutral market movement. If the Stochastic should return to above the 70% level, it would mark an end to this consolidation, and the FBM2nd Board Index would have a chance to form an uptrend. However, if the Stochastic should fall below the 30% level, it would suggesting a short term bearish signal for the FBM2nd Board Index.
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