Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market analysis
Send to a Friend FBM ACE 01/11/2010
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As shown on the chart above, despite opening above the 4330 level, profit taking pulled down the FBMACE, and as a result, the FBMACE closed at 4316.33 points, losing 13.98 points or 0.3%. Therefore, the 4330 is still the immediate resistance for the FBMACE while the support is still at the 14, 21, 31 EMA.

Meanwhile, the Bollinger Bands stopped contracting, which implies that the Bollinger Bands could be re-expanding soon. If the Bollinger Bands should re-expand with the FBMACE above the Bollinger Middle Band, the technical outlook is likely to improve.

As circled at B, the Stochastic remain above 70%, in the short term bullish region. This suggests that the short term movement of the FBMACE is still positive.

As circled at C, the MACD histogram has not formed a Rounding Bottom yet. If the MACD histogram should form a Rounding Bottom, it means that the FBMACE is picking up strength.

In short, the FBMACE is being capped by the 4330 resistance and therefore, it failed to resume its uptrend. However, technical outlook remains positive as the 14, 21, 31 EMA is still serving as the dynamic support for the FBMACE.

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