Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market analysis
Send to a Friend FBM ACE 15/07/2010
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As indicated by A, the FBMACE precisely resisted by the 14-day EMA (Exponential Moving Average), losing 19.12 points or 0.5%. This suggests that the 14, 21, 31 EMA is still serving as the dynamic resistance for the FBMACE. Support for the FBMACE is at 3622 WinChart Automatic Fibonacci Retracement while the resistance remains at 3892 WinChart Automatic Fibonacci Retracement.

Meanwhile, the Bollinger Bands contracted 13%, suggesting that the FBMACE is still at its consolidating stage, until the re-expansion of the Bollinger Bands.

As circled at B, the Stochastic stays above 70%, suggesting that the short term movement of the FBMACE has not turned weak yet. If the Stochastic should break below 70%, and later breaking below 30%, it would be a short term bearish signal for the FBMACE.

As circled at C, the DMI bearish signal remains intact, as the -DI line is still above the +DI line, despite that the -DI is falling slightly.

In short, the downtrend remains intact as the FBMACE failed to break above the 14, 21, 31 EMA. If the Bollinger Bands should re-expand with the FBMACE below the Bollinger Middle Band, the FBMACE is expected to resumes its falling trend.

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