Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market analysis
Send to a Friend FBM ACE 12/11/2010
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On Friday, the FBMACE fell 62.74 points or 1.33%, to close at 4654.90 points. As indicated by A, the 14, 21, 31 EMA is still serving as the dynamic support for the FBMACE, while the resistance for the FBMACE remains at 4790.

Meanwhile, the Bollinger Bands contracted 2%, this suggests that the FBMACE is having its technical correction or entering a consolidation stage. Nevertheless, with the FBMACE above the Bollinger Middle Band, the immediate technical outlook for the FBMACE is positive.

As circled at B, the Stochastic fell slightly, but stayed above 70%, thus the Stochastic is not yet showing any weakness for the FBMACE. If the Stochastic should break below 70%, it would mark an end to the short term bullish signal.

As circled at C, the MACD histogram started falling, and might be forming a Rounding Top. If the MACD histogram should continue falling, it suggests that the FBMACE is losing strength.

In short, the FBMACE is showing a sign of a technical correction, or a consolidation, but the uptrend remains intact, as the FBMACE is still supported by the 14, 21, 31 EMA.

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