Straits Index (M) Sdn Bhd
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Daily Market analysis
Send to a Friend FBM ACE 11/08/2010
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As the Asian markets having technical correction, the FBMACE ended 6.03 points lower to close at 3804.84 points. As indicated by A, the FBMACE fell marginally below the 14, 21, 31 EMA, while showing sign of weakness. Support for the FBMACE remains at 3622 while the resistance is at 3891 WinChart Automatic Fibonacci Retracement.

Meanwhile, the Bollinger Bands contracted again, suggesting that the FBMACE is still consolidating. However, the FBMACE is now below the Bollinger Middle Band, and therefore, if the Bollinger Bands should expands from now, with the FBMACE below the Bollinger Middle Band, some bearish biased movement is expected for the FBMACE.

As circled at B, the Stochastic is still falling but it has not broken below 30%. If the Stochastic could stay around 50% level, the FBMACE is likely to stay in its sideways movement for now.

As circled at C, the MACD histogram is still falling, suggesting that the FBMACE is still losing strength, and the weakening movement of the FBMACE is expected to continue until the MACD histogram should form a Rounding Bottom.

In conclusion, the FBMACE is still showing some weakening signs, but the Bollinger Bands has not confirmed the bearish biased signal, until the expansion of the Bollinger Bands.

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