Straits Index (M) Sdn Bhd
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Send to a Friend FBM ACE 05/10/2010
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As indicated by A, the FBMACE is temporary resisted by the 4000 level, and retreated in its intra-day trading, to its daily low of 3936.97 points, but at its close, it managed to recover most of its daily losses, to close at 3975.44, losing 3.92 points.

Meanwhile, the Bollinger Bands continue to expand, expanding 16%, with the FBMACE above the Bollinger Middle Band, thus the Bollinger Bands is still showing a bullish biased movement.

As circled at B, the Stochastic is still above 70%, in the short term bullish region. This suggests that the short term movement of the FBMACE is still bullish biased, but with some over-heated condition as the Stochastic is still above 90%.

As circled at C, the MACD histogram is still rising, thus the MACD histogram has not formed a Rounding Top. Technically, as long as the MACD histogram is still rising, it suggests that the FBMACE is still picking up strength.

In conclusion, despite temporary resisted by the 4000 level, the mid term uptrend remains unaffected as the FBMACE is still supported by the 14, 21, 31 EMA, which serves as a dynamic support for the FBMACE.

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