On Thursday, the FBMACE ended lower, while still resisted by the 4390 WinChart Automatic Fibonacci Retracement. Therefore, the 4390 WinChart Automatic Fibonacci Retracement is still the resistance for the FBMACE, while the support remains at 4296 WinChart Automatic Fibonacci Retracement.

As indicated by A, the 14, 21, 31 EMA is still falling, while serving as the dynamic resistance to the FBMACE. Technically, as long as the FBMACE is still staying below the falling dynamic resistance, the outlook for the FBMACE shall remains bearish bias.

As circled at B, the WinChart RSI is still moving sideways between 30% and 50%. This suggests that the mid term strength for the FBMACE is still relatively weaker, although not bearish yet. Generally, if the WinChart RSI should stay below 50% level, the FBMACE is less likely to pick up any strength.

As circled at C, the Stochastic is still staying below 30% level, despite yesterday's rebound. Therefore, the short term bearish signal remains intact.

In short, the FBMACE consolidating with some weakness, due to the resistance of the falling 14, 21, 31 EMA and the Stochastic below 30% level.

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