Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market analysis
PDF Send to a Friend FBM ACE 15/06/2010
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As indicated by A, after testing the 14, 21, 31 EMA on Monday, the FBMACE remains resisted by the 14, 21, 31 EMA on Tuesday, losing 16.50 points or 0.4%. This suggests that the 14, 21, 31 EMA is still serving as the dynamic support for the FBMACE. Support for the FBMACE remains at 3622.46 points and the resistance remains at 3892.81 points.

Meanwhile, the Bollinger Bands only expanded 3%, and therefore, the FBMACE failed to sustain yesterday's gain. If the Bollinger Bands should contract again, the FBMACE would consolidate again.

As circled at B, the Stochastic retreated after hitting 100%, but it stays above 70% level in the short term bullish territory. Therefore, the short term movement of the FBMACE remains positive.

As circled at C, the DMI +DI line crosses above the -DI line, ended the bearish signal. However, this does not mean that the FBMACE is at a bull run now, as the +DI line must be rising together with the ADX line to signal a bull market.

In conclusion, despite some short term bullish signals, the FBMACE is still in downtrend. In short, it has to break above the 14, 21, 31 EMA in order to break free from the downtrend.

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