Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market analysis
Send to a Friend FBM ACE 15/09/2010
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As indicated by A, the FBMACE was still testing the 14, 21, 31 EMA, but at the end, the FBMACE has finally broken above the 14, 21, 31 EMA to close at its daily high of 3798.15 points, upped 14.01 points or 0.4%. Therefore, the 14, 21, 31 EMA is now serving as the dynamic support while the resistance is still at 3892 WinChart Automatic Fibonacci Retracement.

Meanwhile, the Bollinger Bands expanded 6%, with the FBMACE above the Bollinger Middle Band, thus the immediate technical outlook is still bullish biased. If the Bollinger Bands should begin to contract, it would be a signal suggesting a consolidation for the FBMACE.

As circled by B, the Stochastic is still above 70%, in the short term bullish region. This suggests that the market movement for the short term is still bullish biased. If the Stochastic should break below 70%, it would be a signal suggesting a beginning of a technical correction.

As circled by C, the MACD histogram continues to climb, suggesting that the FBMACE is still picking strength, and the improvement of the FBMACE is expected to continue until the MACD histogram should form a Rounding Top.

In conclusion, the technical outlook is improving for the FBMACE, with technical indicators showing positive signal. If the FBMACE should successfully stay above the 14, 21, 31 EMA, it could even resume its uptrend.

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