Straits Index (M) Sdn Bhd
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Send to a Friend FBM ACE 20/09/2010
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As indicated by A, the FBMACE was resisted by the 3892 level, closing at 3879.94 point with a loss of 0.12 of a point. But, the FBMACE is still above the 14, 21, 31 EMA, thus the immediate technical outlook is still positive.

Meanwhile, the Bollinger Bands did not expand on Monday, suggesting that the Bollinger Bands might be contracting from here. If the Bollinger Bands should begin to contract, it would be a signal suggesting a consolidation for the FBMACE.

As circled at B, the Stochastic touched 100% on Friday, and retreated slightly on Monday, this is a sign of short term over-heating condition. But the short term movement remains bullish biased as the Stochastic is still above 70%.

As circled at C, the MACD histogram continue to rise, while not forming a Rounding Top. This suggests that the FBMACE is still picking up strength, until the MACD histogram forms a Rounding Top.

In conclusion, immediate technical outlook is still positive but due to profit taking after a strong rally on Friday, the FBMACE is resisted by the 3892 resistance. If the FBMACE should stay above the 14, 21, 31 EMA, there is still a chance that the FBMACE might form an uptrend.

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