Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market analysis
Send to a Friend FBM ACE 26/08/2010
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On Thursday, the FBMACE had its intra-day low touching at 3709.89 points, but it managed to gained 2.39 points, closing at 3741.09 points. Therefore, a little sign of a technical rebound is sighted here. As indicated by A, the 14, 21, 31 EMA dynamic resistance is the target of the technical rebound, if there is any.

Meanwhile, the Bollinger Bands expanded 17%, with the FBMACE below the Bollinger Middle Band, thus the technical outlook is still on the negative side. If the Bollinger Bands should begin to contract, it would be a signal suggesting a consolidation for the FBMACE.

As circled at B, the Stochastic rebounded slightly, but still staying below 30%. This shows that the short term movement of the FBMACE is still bearish biased. If the Stochastic could break above 30%, it would be a signal suggesting a beginning of a technical rebound.

As circled at C, the MACD histogram is still falling, thus no Rounding Bottom is sighted yet. The falling of the MACD histogram suggests that the FBMACE is still weakening and the weakening movement of the FBMACE is expected to continue until the MACD histogram should form a Rounding Bottom.

In conclusion, the FBMACE might have a technical rebound after falling consecutively for 6 trading days. However, any rebound below the 14, 21, 31 EMA is only a technical rebound, not yet a reversal signal.

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