Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market analysis
Send to a Friend FBM ACE 11/11/2010
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As shown on the chart above, the FBMACE continued its rally on Thursday, gaining 48.50 points or 1.04%. As indicated by A, the 14, 21, 31 EMA is still serving as the dynamic support for the FBMACE while the resistance is at 4790 WinChart Automatic Fibonacci Retracement.

Meanwhile, the Bollinger Bands expanded 11%, with the FBMACE above the Bollinger Middle Band, this suggests that the FBMACE is not yet consolidating, and the immediate technical outlook remains bullish bias.

As circled at B, the Stochastic stays above 90%, suggesting that the short term movement of the FBMACE is still bullish, but over-heated, thus a chance of a technical correction is expected to take place. If the Stochastic should break below 70%, it would be a signal suggesting a beginning of a technical correction.

As circled at C, the MACD histogram is still rising, thus not forming a Rounding Top. The rising of the MACD histogram suggests that the FBMACE is still picking up strength.

In short, despite being over-heated, the uptrend of the FBMACE remains intact, as it is still firmly supported by the 14, 21, 31 EMA. Therefore, technical outlook remains positive.

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