Winchart Technical Analysis - Daily Market analysis
On Thursday, the FBM2nd Board Index rebounded again on the L1 dynamic support, and therefore, the Ascending Triangle remains intact. The Ascending Triangle suggests that the FBM2nd Board Index is still consolidating and not forming a downtrend yet. However, if the FBM2nd Board Index should break above the L2 or the 5956 resistance, the outlook improve significantly. (Study A)
As circled at B, the Stochastic %K rebounded as the FBM2nd Board Index ended higher. However, it was not able to break above the 70% level, and therefore, the Stochastic is still showing a short term neutral signal. The Stochastic must break above, and remain above the 70% level in order to indicate a short term bullish signal.
Lastly, as circled at C, the MACD line did not fall much as the FBM2nd Board Index rebound. As mentioned in our yesterday's analysis, if the Bollinger Bands Width did not expands significantly, the MACD signal would be less significant, and the Bollinger Bands Width only expanded 3% on Thursday. Therefore, we can ignore the MACD signal for now.
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