Straits Index (M) Sdn Bhd
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Send to a Friend FBM ACE 04/08/2010
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As indicated by A, the FBMACE successfully rebounded from the 14, 21, 31 EMA, gaining 7.53 points or 0.2%. Support for the FBMACE remains at 3622 WinChart Automatic Fibonacci Retracement while the resistance is at 3891 WinChart Automatic Fibonacci Retracement.

Although the FBMACE rebounded from the 14, 21, 31 EMA, the Bollinger Bands is still contracting (contracted 15%). This suggests that the FBMACE is still consolidating while still preparing for a new movement.

As circled at B, the Stochastic rebounded slightly, but it has not firmly staying above the 70% yet, thus the resume of the short term bullish signal is yet to be confirmed.

As circled at C, the MACD histogram has not formed a Rounding Bottom yet, thus the FBMACE remains in its consolidating stage. Meanwhile, the MACD line breaks above the zero level by margin, suggesting that the mid to longer term movement of the FBMACE gradually improving.

In short, with the FBMACE above the Bollinger Middle Band, as well as the 14, 21, 31 EMA, the technical outlook is still positive, while waiting for the re-expansion of the Bollinger Bands.

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