Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market analysis
PDF Send to a Friend FBM ACE 30/06/2010
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As indicated by A, the FBMACE had its intraday low at 3757.32 points, but it managed to rebound right before the market closed, losing only 2.2 points. Since the FBMACE is below the 14, 21, 31 EMA, the immediate technical outlook shall remains bearish for the FBMACE. Support for the FBMACE is at 3622.46 points while the resistance is at 3892.81 WinChart Automatic Fibonacci Retracement.

Meanwhile, the Bollinger Bands only expanded 4%, this implies that the Bollinger Bands might be contracting. If the Bollinger Bands should contract, it would means a consolidation signal for the FBMACE, but the immediate outlook remains bearish biased.

As circled at B, the Stochastic rebounded slightly, but still below 30% level, therefore, the short term bearish signal remains intact. If the Stochastic should break above 30%, it would be a signal suggesting a beginning of a technical rebound.

As indicated by C, the MACD histogram is still falling, thus no Rounding Bottom is sighted yet. This suggests that the FBMACE is still weakening, and this weakening trend is expected to carry on until the MACD histogram should form a Rounding Bottom.

In conclusion, after falling for 4 days, the FBMACE is showing a sign of a rebound on Wednesday. However, technically, any rebound below the 14, 21, 31 EMA would only be considered as technical rebound, not yet a reversal.

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