Winchart Technical Analysis - Daily Market analysis
On Friday, the FBM2nd Board Index managed to rebound from L1 (Ascending Triangle Dynamic support) again, closing 12.93 points higher to 5875.86 points. Therefore, this shows that the FBM2nd Board Index is still consolidating.
The this moment, analyzing the Ascending Triangle is more important than any indicator, for the Ascending Triangle not only outline the consolidation, it also outline the end of the consolidation and a new movement when price break above the L2 or L1 line. If the FBM2nd Board Index should break above the L2, it would be a bullish signal. On the other hand, if the FBM2nd Board Index breaks below the L1, it would be an end to this consolidation, and the new market movement is likely to be on the negative side. Nevertheless, next support for the FBM2nd Board Index is at 5536 Fibonacci Retracement line.
As circled at B, the Stochastic is still showing a short term neutral signal as the FBM2nd Board Index continue its consolidation. Therefore, the market movement for the short term is still at neutral.
Since the FBM2nd Board Index is moving sideways, the MACD signal (as circled at C) is still insignificant. Therefore, for this particular moment, the priority of the analysis is still on the Ascending Triangle.
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