Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market analysis
Send to a Friend FBM ACE 15/11/2010
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As shown on the chart above, the FBMACE continue to retreat on Tuesday, losing 104.47 points or 2.25%. As indicated by A, the FBMACE is testing the 14, 21, 31 EMA dynamic support, while the resistance is at 4790 WinChart Automatic Fibonacci Retracement.

Meanwhile, the Bollinger Bands contracted further on Tuesday, suggesting that the FBMACE is still consolidating. However, the FBMACE has broken below the Bollinger Middle Band, thus the immediate technical outlook for the FBMACE is weakening.

As circled at B, the Stochastic fell below 70%, and this has ended the short term bullish signal. If the Stochastic should break below 30%, it would be a short term bearish signal for the FBMACE.

As circled at C, the MACD histogram is still falling, thus it has not formed a Rounding Bottom. The falling of the MACD histogram suggests that the FBMACE is still losing strength.

In short, the FBMACE has not formed a downtrend yet, for it is still supported by the 14, 21, 31 EMA. However, immediate technical outlook is turning negative. If the Bollinger Bands should re-expand with the FBMACE below the Bollinger Middle Band, more downside movement is likely for the FBMACE.

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