Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market analysis
PDF Send to a Friend FBM ACE 07/07/2010
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On Wednesday, the FBMACE rebounded 9.63 points or 0.3%, to close at 3757.37 points. As indicated by A, the 14, 21, 31 EMA is still serving as a dynamic resistance for the FBMACE, while the support remains at 3622.46 WinChart Automatic Fibonacci Retracement and the resistance stands at 3892.81 WinChart Automatic Fibonacci Retracement.

Meanwhile, the Bollinger Bands only expanded 1%, thus this is insignificant for any signals. Nevertheless, with the FBMACE below the Bollinger Middle Band, the immediate technical outlook remains weak.

As circled at B, the Stochastic remains below 30%, in the short term bearish territory. Therefore, this suggests that the short term movement of the FBMACE is still weak.

As circled at C, the MACD has not formed a Rounding Bottom, thus suggesting that the FBMACE is still losing strength. Meanwhile, the MACD line remains below the zero level, and still falling. This shows that the mid to longer term movement of the FBMACE is also weak.

In conclusion, the FBMACE is basically consolidating with bearish biased, as it is resisted by the Bollinger Middle Band as well as the 14, 21, 31 EMA. Coupled with the negative performance of the markets abroad, the technical outlook for the FBMACE shall remains bearish biased.

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