Straits Index (M) Sdn Bhd
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Daily Market analysis
Send to a Friend FBM ACE 29/10/2010
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As indicated by A, the FBMACE gained 64.43 points or 1.5% on Friday, but precisely resisted by the 4330 resistance. If the FBMACE could break above this resistance, it would have a good chance to resume its uptrend, while the 14, 21, 31 EMA shall continue serving as its dynamic support.

Meanwhile, the Bollinger Bands contracted only 3%, suggesting that the Bollinger Bands could be re-expanding soon. If the Bollinger Bands should expand with the FBMACE above the Bollinger Middle Band, it would be a bullish signal for the FBMACE.

As circled at B, the Stochastic returned to above 70%, re-entering the short term bullish region. If the Stochastic could sustain above 70%, the market movement for the short term would mostly be positive.

As circled at C, the MACD histogram stopped falling, and it might be forming a Rounding Bottom. If the MACD histogram should form a Rounding Bottom, it means that the FBMACE is picking up strength, thus a positive signal for the FBMACE.

In short, if the FBMACE could break above the 4330 resistance, it would have broken away from its consolidation, and there is a good chance for the FBMACE to resume its uptrend.

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