As indicated by A, the FBMACE breaks above the 4485 WinChart Automatic Fibonacci Retracement on Monday, to close at 4510.30 points, upped 61.99 points or 1.4%. Therefore, 4485 WinChart Automatic Fibonacci Retracement is now the immediate support for the FBMACE while the next resistance is at 4601 WinChart Automatic Fibonacci Retracement.

As shown on the chart above, the FBMACE rallied again after consolidated for 3 trading days, while the 14, 21, 31 EMA is rising, and still serving as the dynamic support.

As circled at B, the Stochastic is still situated above 70% level, which is the short term bullish territory. Therefore, this suggests that the FBMACE short term movement is still bullish biased.

As circled at C, the MACD histogram did not form a Rounding Top, but instead, started rising again. This suggests that the FBMACE is indeed picking up strength. Technically, provided that the MACD histogram is still rising, the FBMACE positive movement is expected to carry on.

In short, after a brief consolidation, the FBMACE resume its rally while staying above the 14, 21, 31 EMA as well as the Bollinger Middle Band. This is a positive signal suggesting that the outlook for the FBMACE is still bullish biased.

Find this analysis useful? Why not share it with others? Click Here to send this to a friend

Straits Index (M) Sdn Bhd
No. 16, Jalan LP 1A / 5, Lestari Perdana,
43300 Seri Kembangan, Selangor
Hotline: (03) 8941 6828  (5 lines)   Fax: (03) 8941 9828    
Email: info@straitsindex.com
© Copyright 1997-2010 Straits Index (M) Sdn Bhd All rights reserved