Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market analysis
Send to a Friend FBM ACE 27/07/2010
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As indicated by A, the FBMACE had its intra-day low touching at 3763.39 points, but it managed to regained some of its losses, to close at the 14 and 21 EMA level, at 3791.03 points, downed 10.98 points.

Meanwhile, the Bollinger Bands contracted 14%, suggesting that the FBMACE is consolidating, or it is preparing for a new movement, until the re-expansion of the Bollinger Bands. Support for the FBMACE is at 3622 WinChart Automatic Fibonacci Retracement while the resistance is at 3891 WinChart Automatic Fibonacci Retracement.

As circled at B, the Stochastic breaks below 70%, ended the short term bullish signal, and started the short term technical correction signal.

As circled at C, the MACD histogram formed a Rounding Top, suggesting that the FBMACE is weakening, as it is having its consolidation. The weakening movement of the FBMACE is expected to carry on until the MACD histogram forms a Rounding Bottom.

In conclusion, the FBMACE has not formed an uptrend successfully, this is because it has failed to close higher above the 14, 21, 31 EMA. Nevertheless, with the Bollinger Bands contracting, the FBMACE is expected to consolidate again, until the re-expansion of the Bollinger Bands.

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