Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market analysis
Send to a Friend FBM ACE 07/10/2010
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As indicated by A, the FBMACE had its intraday low reaching 3930.99 points, but as it was near the 3900 support level, it rebounded, and gained 52.77 points or 1.3%, breaking above the 4000 psychological resistance level.

Meanwhile, the Bollinger Bands expanded 8%, with the FBMACE above the Bollinger Middle Band, thus the immediate technical outlook is still positive. Support for the FBMACE is at 3900 while the next resistance is seen at 4060 WinChart Automatic Fibonacci Retracement.

As circled at B, the Stochastic is still above 90%, thus suggesting a short term over-heated condition for the FBMACE. However, as long as the Stochastic is still 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, and the improvement of the FBMACE shall carry on until the MACD histogram should form a Rounding Top.

In short, after breaking above 4000 mark, the FBMACE is set to continue its mid term uptrend, with the 14, 21, 31 EMA still serving as the dynamic support.

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