Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market analysis
Send to a Friend FBM ACE 06/09/2010
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As indicated by A, the FBMACE had its intra-day high touching 3771.64 points, but it is still resisted by the 14, 21, 31 EMA and retreated, and at the close, it only managed to gain 5.17 points or 0.1%. Therefore, the 14, 21, 31 EMA is still serving as the dynamic resistance.

Meanwhile, the Bollinger Bands is still contracting, suggesting that the FBMACE is likely to consolidate, until the Bollinger Bands should re-expand. Support for the FBMACE is at 3622 WinChart Automatic Fibonacci Retracement while the 14, 21, 31 EMA is the dynamic resistance.

As circled at B, the Stochastic is still rising, breaking above 50%. This shows that the FBMACE is still having its technical rebound. Technically, the Stochastic has to break above 70%, in order to trigger a short term bullish signal.

As circled at C, the MACD histogram is still rising, thus it is still showing a Rounding Bottom. This suggests that the FBMACE movement is still improving, and the improvement is expected to carry on until the MACD histogram should form a Rounding Top.

In short, the FBMACE has regained around 120 points or 3.3% since this technical rebound. However, it is still resisted by the 14, 21, 31 EMA dynamic resistance, thus the downtrend remains intact.

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