Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market analysis
Send to a Friend FBM ACE 08/10/2010
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As indicated by A, the FBMACE had its intraday low reaching 3970.64 point, but it managed to rebound strongly right before the closing, gaining 1.81 points at 4020.18 points. As a result, the 14, 21, 31 EMA is still the dynamic support for the FBMACE.

Meanwhile, the Bollinger Bands contracted 8%, suggesting that the FBMACE might be consolidating. However, the immediate technical outlook remains positive as the FBMACE is still above the Bollinger Middle Band.

As circled at B, the Stochastic retreated slightly, but still above 90%, thus the over-heated signal remains intact. Nevertheless, with the Stochastic above 70%, the short term movement for the FBMACE is still on the positive side.

As circled at C, the MACD histogram stopped rising, and might be forming a Rounding Top. If the MACD histogram should form a Rounding Top, it would be a signal suggesting that the FBMACE is losing strength, thus the FBMACE is expected to consolidate.

In short, due to the short term over-heated condition, the FBMACE is likely to consolidate. However, the uptrend remains unchanged, provided that the FBMACE is still supported by the 14, 21, 31 EMA.

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