WinChart Technical Analysis
Daily Market analysis
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Meanwhile, the Bollinger Bands is still contracting, and this suggests that the FBMACE is at its consoldiation stage. With the FBMACE above the Bollinger Middle Band, the immediate technical outlook is on the positive side.
As circled at B, the Stochastic managed to return to aboe 70%, re-entering the short term bullish region. Therefore, as long as the Stochastic could stay above 70%, the market movement for the short term is expected to be bullish bias.
As circled at C, the MACD histogram is still falling, but its speed of falling is slowing down, thus implying that it might be forming a Rounding Bottom soon. However, until the Rounding Bottom is acutally sighted, the falling of the MACD histogram suggests that the FBMACE is losing strength.
In short, the FBMACE is in its consolidation mode, while the uptrend remains intact. Technically, it has to break above 4330 WinChart Automatic Fibonacci Retracement in order to sustain this uptrend.
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