Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market analysis
Send to a Friend FBM ACE 03/09/2010
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On Friday, the FBMACE continued its technical rebound, gaining 32.93 points or 0.9% to close at its daily high of 3749.36 points. As indicated by A, the FBMACE is about to test the 14, 21, 31 EMA, which is still serving as the dynamic resistance for the FBMACE, while the support remains at 3622 WinChart Automatic Fibonacci Retracement.

Meanwhile, the Bollinger Bands contracted again, suggesting that the FBMACE is still consolidating, and the direction of the FBMACE is likely to be unclear when the Bollinger Bands contracts.

As circled at B, the Stochastic breaks above 30%, which signaled a beginning of a technical rebound. If the Stochastic could break above 70%, it would be a short term bullish signal for the FBMACE.

As circled at C, the MACD histogram is still ticking higher, while forming a Rounding Bottom. Therefore, this suggests that the short term movement of the FBMACE is improving, and the improvement is expected to carry on until the MACD histogram should form a Rounding Top.

In conclusion, despite the rebound, immediate technical outlook for the FBMACE remains weak as the FBMACE is still resisted by the 14, 21, 31 EMA.

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