WinChart Technical Analysis - Daily Market analysis
As indicated by A, the Bollinger Bands Width expanded 12% on Thursday, and the FBM2nd Board Index is situated below the Bollinger Middle Band. Therefore, the Bollinger Bands suggests a bearish biased signal for the FBM2nd Board Index. If the Bollinger Bands Width should continue expands with the FBM2nd Board Index staying below the Bollinger Middle Band, the outlook for the FBM2nd Board Index shall remains weak.
On the other hand, it appears that the FBM2nd Board Index is forming an Ascending Triangle, which suggests that the FBM2nd Board Index is still consolidating. If the FBM2nd Board Index should rebound from the ascending line of the Ascending Triangle, the bearish trend for the FBM2nd Board Index might not form.
As circled at B, the Stochastic %K line falls below the 30% level marginally, therefore, triggering a short term bearish signal. If the Stochastic %D line should also break below the 30% level, it would confirm the short term bearish signal, and the market movement for the short term is expected to be bearish biased.
As circled at C, the MACD histogram is still falling and therefore, did not form a rounding bottom. Therefore, the current movement for the FBM2nd Board Index is still on the weaker side.
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