Meanwhile, the Bollinger Bands expanded 10%, with the FBMACE above the Bollinger Middle Band, thus the immediate technical outlook remains bullish biased.

As circled at B, the Stochastic stays above 70%, in the short term bullish territory. This suggests that the short term movement of the FBMACE is still positive, until the Stochastic should break below 70%, then, it would be a signal suggesting a beginning of a technical correction.

As circled at C, the MACD histogram is still rising, suggesting that the FBMACE is still gaining strength, until the MACD histogram should form a Rounding Top. However, the MACD line is still below the zero level, suggesting that the mid to longer term movement of the FBMACE is still weak.

In conclusion, despite some positive signs, the FBMACE has not broken away from its downtrend. Nevertheless, if the FBMACE could stay above the Bollinger Middle Band, the immediate technical outlook is on the positive side.

Find this analysis useful? Why not share it with others? Click Here to send this to a friend

Straits Index (M) Sdn Bhd
No. 16, Jalan LP 1A / 5, Lestari Perdana,
43300 Seri Kembangan, Selangor
Hotline: (03) 8941 6828  (5 lines)   Fax: (03) 8941 9828
Email: info@straitsindex.com
© Copyright 1997-2010 Straits Index (M) Sdn Bhd All rights reserved