Straits Index (M) Sdn Bhd
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Daily Market analysis
Send to a Friend FBM ACE 18/08/2010
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On Wednesday, the FBMACE pulled back sharply after reaching 3920 level, losing 34.57 points or 0.9%, to close at 3861.22 points. Therefore, the immediate resistance is at 3920 followed by the 4000 mark, while the support is still at the 14, 21, 31 Exponential Moving Average. (Study A)

Meanwhile, the Bollinger Bands only expanded 3%, due to the quick pull back of the FBMACE. If the Bollinger Bands should begin to contract, it would suggest another consolidation for the FBMACE.

As circled at B, the Stochastic fell below 70%, due to the acute retreat of the FBMACE, ended the short term bullish signal. However, the Stochastic could be over-sensitive for now. Generally, if the Stochastic should resume its position above the 70% in the immediate term, the short term bullishness would resume.

As circled at C, the MACD histogram failed to climb as the FBMACE back fired. Technically, the MACD histogram has to keep on rising, in order to suggest an improvement of the FBMACE movement.

In conclusion, the pull back on Wednesday was rather sharp, thus creating noises on most technical indicator. However, provided that the 14, 21, 31 EMA dynamic support is still intact, the technical outlook for the FBMACE is still on the positive side.

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