Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market analysis
Send to a Friend FBM ACE 06/10/2010
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As indicated by A, the FBMACE is still resisted by the 4000 psychological resistance level on Wednesday, losing 9.84 points or 0.2%. Other than the 4000 resistance line, the next resistance for the FBMACE is at 4060 WinChart Automatic Fibonacci Retracement line. Support for the FBMACE is at 3900 level.

Meanwhile, the Bollinger Bands only expanded 7% on Wednesday, if compared to previously expansion rate, the expansion on Wednesday was rather small, thus implying that the Bollinger Bands might be contracting. If the Bollinger Bands should contract, it would be a signal suggesting a consolidation for the FBMACE.

As circled at B, the Stochastic retreated slightly on Wednesday, but still above 70%, thus the short term movement for the FBMACE is still bullish bias.

As circled at C, the MACD histogram is still rising, but with a slowing rate. If the MACD histogram should form a Rounding Top, it would be a signal suggesting that the FBMACE is losing strength.

In short, despite being resisted by the 4000 level, the mid term uptrend for the FBMACE is still intact, as it is still supported by the 14, 21, 31 EMA (Exponential Moving Average).

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