Straits Index (M) Sdn Bhd
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Send to a Friend FBM ACE 14/10/2010
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As indicated by A, the FBMACE formed a doji candlestick again on Thursday, suggesting that the FBMACE is likely to have a technical correction or starting its consolidation. However, with the 14, 21, 31 EMA still supporting the FBMACE, the uptrend remains intact. Resistance for the FBMACE is at 4200 Fibonacci line.

Meanwhile, the Bollinger Bands only expanded 1% on Thursday, and this implies that the Bollinger Bands might be contracting soon. If the Bollinger Bands should begin to contract, it would be a signal suggesting a beginning of a technical correction or a consolidation for the FBMACE.

As circled at B, the Stochastic retreated slightly, as it was touching 100% level, but it stays above 70%, thus the short term bullish signal for the FBMACE remains intact.

As circled at C, the MACD histogram is still rising, thus the formation of the FBMACE is not sighted yet. If the MACD histogram should form a Rounding Top, it would be a signal suggesting that th FBMACE is losing strength.

In short, the uptrend of the FBMACE remains unaffected, but only with a short term over-heating condition. As long as the FBMACE is still supported by the 14, 21, 31 EMA, the technical outlook shall remains positive.

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