Straits Index (M) Sdn Bhd
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Send to a Friend FBM ACE 21/09/2010
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As indicated by A, the FBMACE retreated after being resisted by the 3892 resistance. The FBMACE fell 36.75 points or 0.9% on Tuesday. Resistance for the FBMACE remains at 3892 WinChart Automatic Fibonacci Retracement while the support is at the 14, 21, 31 EMA dynamic support.

Meanwhile, the Bollinger Bands contracted on Tuesday, suggesting that the FBMACE might be consolidating or having its technical correction, and the consolidation is expected to carry on until the Bollinger Bands re-expands.

As circled at B, the Stochastic fell marginally below 70%, suggesting that the short term bullish signal is coming to an end.

As circled at C, the MACD started falling, and might be forming a Rounding Top. The formation of a Rounding Top suggests that the FBMACE is weakening.

In short, the FBMACE has not formed an uptrend yet, for it is now resisted by the 3892 level. But with the FBMACE still above the 14, 21, 31 EMA, the immediate technical outlook is still positive. Therefore, since the Bollinger Bands is contracting, the FBMACE is expected to consolidate.

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