Straits Index (M) Sdn Bhd
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Send to a Friend FBM ACE 27/09/2010
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As indicated by A, the FBMACE continued its rally on Monday, but as it was nearing the 3892 resistance (we now rounding it up to 3900 points), and it pulled back slightly to close at 3866.94 points, upped 18.28 points or 0.5%.

As shown on the chart above, despite the FBMACE is above the 14, 21, 31 EMA, it has not formed an uptrend, and it is likely that the FBMACE to maintain in its trading range between 3900 and 3650 level.

As circled at B, the Stochastic breaks above 70%, entering the short term bullish territory, and technically, if the Stochastic could remain above 70%, the short term movement of the FBMACE is expected to bullish biased.

As circled at C, the MACD histogram stopped falling on Friday, and begin to tick up on Monday, thus forming a Rounding Bottom. Technically, if the MACD histogram should continue rising, the FBMACE short term is expected to pick up some strength.

In conclusion, the FBMACE has not formed an uptrend yet, and this can be seen from the Bollinger Bands, as it is not expanding yet. Nevertheless, the FBMACE is expected to stay within the trading range of 3900 and 3650.

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