Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market analysis
Send to a Friend FBM ACE 03/08/2010
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On Tuesday, the FBMACE had its intra-day high reaching 3847.27 point, but profit taking activities pulled it lower, losing 6.92 points or 0.2%. As indicated by A, the FBMACE is still supported by the 14, 21, 31 EMA thus no bearish signal is sighted yet.

Meanwhile, the Bollinger Bands failed to expand, but contracted 40% instead. This suggests that the FBMACE is still consolidating while preparing for a new movement. Nevertheless, support for the FBMACE is at 3622 while the resistance is at 3891 WinChart Automatic Fibonacci Retracement.

As circled at B, the Stochastic failed to stay above the 70%, thus the short term movement of the FBMACE is not yet bullish. Nevertheless, if the Stochastic should break below 30%, it would be a short term bearish signal for the FBMACE.

As circled at C, the MACD failed to form a Rounding Bottom, this suggests that the FBMACE is not picking up enough strength. Nevertheless, the MACD line is still testing the zero level, while the mid to longer term movement is still weak.

In short, the FBMACE has not formed an uptrend, since the Bollinger Bands failed to expand. Fortunately, with the 14, 21, 31 EMA still supporting the FBMACE, the FBMACE has not shown any bearish signs at the moment.

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