Straits Index (M) Sdn Bhd
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Send to a Friend FBM ACE 09/11/2010
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As circled at A, the FBMACE gained over 44 points on Tuesday, and continued its uptrend. However, it has broken above the 20-day Bollinger Upper Band, which suggests that the short term movement is getting over-heated. Therefore, there is a risk of a pull-back effect, which is a type of technical correction in the near future.

Resistance for the FBMACE is at 4790 WinChart Automatic Fibonacci Retracement while the support is still at 14, 21, 31 EMA dynamic support.

As circled at B, the Stochastic declined slightly on Tuesday, but remained above 70%, in the short term bullish region. This suggests that the short term movement of the FBMACE is still bullish bias.

As circled at C, the MACD histogram is still rising, thus the Rounding Bottom is still sighted. The rising of the MACD histogram suggests that the FBMACE is still picking up strength, until the MACD histogram should form a Rounding Top.

In short, the uptrend of the FBMACE remains intact, despite the short term over-heating condition. Nevertheless, a technical correction is only healthy, in order to maintain the uptrend movement.

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