Winchart Technical Analysis - Daily Market analysis
As shown on the chart above, the FBM2nd Board Index remains its consolidation inside the Ascending Triangle, closing 9.42 points higher to 5885.06 points. Meanwhile, as indicated by A, the Bollinger Bands Width for the FBM2nd Board Index contracted another 20% on Monday, suggesting that the FBM2nd Board Index consolidation is not yet ended.
Readers are advised to monitor the Bollinger Bands Width closely for the new direction for the FBM2nd Board Index is about to begin when the Bollinger Bands Width expands. If the Bollinger Bands Width should expands with the FBM2nd Board Index staying above the Bollinger Middle Band, the FBM2nd Board Index would end this consolidation and test the resistance at 5956 level.
As circled at B, the Stochastic %K continue rising, and now still staying in the short term neutral region. Therefore, this suggests that the market movement for the short term is at neutral.
As circled at C, the MACD signal is still unclear, due to the contraction of the Bollinger Bands Width. Nevertheless, readers and monitor the MACD histogram after the Bollinger Bands Width expands, to find out whether the FBM2nd Board Index is gaining or losing strength.
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