Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market analysis
Send to a Friend FBM ACE 09/09/2010
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As indicated by A, the FBMACE broke above the 14, 21, 31 EMA in intra-day trading, but at the close, it is still below the 31-EMA, gaining only 2.91 points. Therefore, the FBMACE has not really broken away from its downtrend. Support for the FBMACE remains at 3622 WinChart Automatic Fibonacci Retracement.

Meanwhile, the Bollinger Bands is still contracting, suggesting that the FBMACE is still preparing for a new movement. If the Bollinger Bands should re-expand with the FBMACE above the Bollinger Middle Band, it would be a bullish signal for the FBMACE.

As circled at B, the Stochastic stays above 70%, in the short term bullish region. This suggests that the short term movement of the FBMACE is bullish biased.

As circled at C, the MACD histogram is still rising, thus the FBMACE is still gradually picking up strength. Unless the MACD histogram should form a Rounding Top.

In conclusion, the FBMACE is still having its technical rebound, thus the short term movement of the FBMACE looks bullish. However, it has not broken away from its downtrend. If the Bollinger Bands should expand with the FBMACE above the Bollinger Middle Band, it would help the FBMACE in breaking away from its downtrend.

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