Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market analysis
Send to a Friend FBM ACE 17/09/2010
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As indicated by A, after testing the 14, 21, 31 EMA for many days, the FBMACE finally broke above the 14, 21, 31 EMA, gaining 81.91 points or 2.2% to close at 3880.60 points. Therefore, the 14, 21, 31 EMA is now serving as the dynamic support for the KLCI while the immediate resistance is at 3892 followed by the next resistance at 4060 level.

Meanwhile, the Bollinger Bands expanded 28%, with the FBMACE above the Bollinger Middle Band, this suggests that the upside volatility of the FBMACE is increasing, thus a positive signal for the FBMACE.

As circled at B, the Stochastic rose and remain above 70%, thus suggesting that the short term movement of the FBMACE 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 at C, the MACD Histogram is still rising, suggesting that the FBMACE is gaining strength, and the positive signal shall remain in place until the MACD histogram should form a Rounding Top.

In short, technical outlook for the FBMACE turns positive with the FBMACE above the 14, 21, 31 EMA, and the FBMACE is set to test the 3892~3900 resistance, if it could break above this resistance level, it would most likely form an uptrend.

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