Straits Index (M) Sdn Bhd
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Daily Market analysis
Send to a Friend FBM ACE 19/08/2010
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As indicated by A, the FBMACE retreated again on Thursday, but it managed to regain some of its losses after touching the 14, 21, 31 EMA, losing only 11.32 points or 0.3%. Therefore, the 14, 21 ,31 EMA is still the dynamic support for the FBMACE.

Meanwhile, the Bollinger Bands did not expand, thus the FBMACE has lost its upward momentum. If the Bollinger Bands should begin to contract now, the FBMACE would be entering another consolidation. Resistance for the FBMACE is at 3920 followed by 4000 level.

As circled at B, the Stochastic failed to return to above 70%, thus the FBMACE has not returning to its short term bullishness. If the Stochastic should stay around 50%, the short term movement of the FBMACE is expected to be in sideways movement.

As circled at C, the MACD histogram is still falling, thus suggesting that the FBMACE might be losing strength again.

In short, the upside movement of the FBMACE was temporary disturbed by the retreat of the FBMACE, but fortunately, the FBMACE is still staying above the 14, 21, 31 EMA, thus the technical outlook for the FBMACE is still positive.

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