Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market analysis
Send to a Friend FBM ACE 01/10/2010
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As indicated by A, the FBMACE breaks above the 3900 resistance, gaining 74.08 points or 1.9% to close at 3951.08 points. If the FBMACE should stay above the 3900 level, together with the support of the 14, 21, 31 EMA, it would form an uptrend.

Meanwhile, the Bollinger Bands re-expanded 27%, with the FBMACE above the Bollinger Middle Band, thus the Bollinger Bands is now suggesting a bullish biased signal. Next resistance for the FBMACE is at 4000 followed by 4060 level. Support for the FBMACE is at 3900 level as well as the 14, 21, 31 EMA.

As circled at B, the Stochastic stays above 70%, in the short term bullish region. Thus the short term movement for the FBMACE is still bullish biased.

As circled at C, the MACD histogram ticked up on Friday, and might be forming a Rounding Bottom. If the MACD histogram should continue rising, it would suggest that the FBMACE is gaining strength, thus the technical outlook for the FBMACE is likely to improve.

In short, the FBMACE is now breaking away from the trading range of 3650 to 3900, and it has to stay firmly above the 14, 21, 31 EMA in order to sustain its uptrend.

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