As shown on the chart above, the FBMACE continues to fall on Tuesday, losing 17.77 points or 0.5% to close at 3738.39 points. Support for the FBMACE remains at 3622.46 WinChart Automatic Fibonacci Retracement, while the resistance is at 3892.81 WinChart Automatic Fibonacci Retracement.

As indicated by A, the 14, 21, 31 EMA is still serving as the dynamic resistance for the FBMACE, suggesting that the FBMACE is still in downtrend, and therefore, the technical outlook for the FBMACE is still weak.

As circled at B, the Stochastic is now testing 30%. If the Stochastic should break below 30% level, it would re-enter the short term bearish territory, thus the short term movement of the FBMACE is expected to be weak.

As indicated by C, the -DI of the DMI is still rising, suggesting that the FBMACE is still in bear trend, and the bearish movement is expected to carry on until the +DI line should break above the -DI line.

In conclusion, the downtrend of the FBMACE remains intact, with the 14, 21, 31 EMA as dynamic resistance. The FBMACE is set to test the 3622.46 WinChart Automatic Fibonacci Retracement support, and if it should break below this level, it would be making a 13 months new low.

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