Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market analysis
Send to a Friend FBM ACE 04/10/2010
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As indicated by A, after breaking above the 3900 resistance line, the FBMACE continued its rally on Monday, gaining another 28.28 points or 0.7% to close at 3979.36 points. Immediate support for the FBMACE is at 3900 level while the resistance is at 4000 psychological level followed by 4060 WinChart Automatic Fibonacci Retracement.

Meanwhile, the Bollinger Bands continue to expand, expanding 31%, with the FBMACE above the Bollinger Middle Band, thus the Bollinger Bands is still suggesting a bullish signal for the FBMACE.

As circled at B, the Stochastic touched 100% and retreated slightly. This suggests that the FBMACE short term movement is starting to over-heat, but as long as the Stochastic could stay above 70%, the short term movement for the FBMACE is still bullish biased.

As circled at C, the MACD histogram is still rising, suggesting that the FBMACE is still gaining strength. Generally, the improvement of the FBMACE is expected to carry on until the MACD histogram should form a Rounding Top.

In conclusion, the FBMACE has broken away from its trading range, and provided that the FBMACE is supported by the 14, 21, 31 EMA dynamic support, the uptrend shall remains intact.

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