Winchart Technical Analysis - Daily Market analysis
As indicated by A, the FBM2nd Board Index almost ended unchanged on Friday, closing 1.70 points to 5786.23 points. Meanwhile, the Bollinger Bands Width did not really expands, suggests that the FBM2nd Board Index is likely to consolidate. Nevertheless, support for the FBM2nd Board Index is still at 5536 Fibonacci Retracement line while the resistance is still at 5956 level.
As circled at B, the Stochastic remains in the short term neutral region. Therefore, this shows that the FBM2nd Board Index short term movement is still at neutral. The Stochastic must either breaks above the 70% level or breaks below the 30% level in order to show the short term direction for the FBM2nd Board Index.
As circled at C, the MACD histogram continue rising slowly despite the FBM2nd Board Index ended lower on Friday. Therefore, if the MACD should continue rising, it is a sign of an improvement of the FBM2nd Board Index. If the MACD line should break above the zero-level, it would be a signal suggest an improvement of the longer term movement.
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