Straits Index (M) Sdn Bhd
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Daily Market analysis
Send to a Friend FBM ACE 21/07/2010
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On Wednesday, the FBMACE closed at its daily high of 3803.51 points, gaining 26.89 points or 0.7%. As indicated by A, the FBMACE is now testing the 31-day EMA, and if the FBMACE could break above the 31-day EMA, it would have broken away from the downtrend. Support for the FBMACE remains at 3622 while the resistance is at 3892 WinChart Automatic Fibonacci Retracement.

Meanwhile, the Bollinger Bands re-expanded 36%, with the FBMACE above the Bollinger Middle Band, thus giving a bullish biased signal. The immediate outlook for the FBMACE is now bullish, and if the Bollinger Bands should continue to expand with the FBMACE above the Bollinger Middle Band, more upside movement is expected for the FBMACE.

As circled at B, the Stochastic breaks above 70%, entering the short term bullish territory. Generally, if the Stochastic could stay above 70%, the short term movement of the FBMACE is expected to be on the higher side.

As circled at C, the MACD histogram is still rising, suggesting that the FBMACE is still gaining strength. The improvement of the FBMACE is expected to carry on until the MACD histogram should form a Rounding Top.

In conclusion, the Bollinger Bands and other indicators are showing positive signals for the FBMACE. If the FBMACE could really break above the 31-day EMA, it could form an uptrend, then the 14, 21, 31 EMA would reverse its role and become a dynamic support for the uptrend.

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