Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market analysis
Send to a Friend FBM ACE 25/11/2010
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On Thursday, the FBMACE opened high at 4424.21 points and hit its daily with 69.05 points of gain, but as profit taking took place, the FBMACE started falling, and at the end, it only managed to gain 3.41 points. As indicated by A, the FBAMCE is testing the 14, 21, 31 EMA, which is the still the dynamic resistance. Support for the FBAMCE remains at 4318 and 4190 WinChart Automatic Fibonacci Retracement.

Meanwhile, the Bollinger Bands expanded 5%, and if the Bollinger Bands should begin to contract, it would be a signal suggesting a consolidation for the FBMACE. With the FBAMCE below the Bollinger Middle Band, the immediate technical outlook is still on the negative side.

As circled at B, the Stochastic remains below 30%, in the short term bearish region. This shows that the FBMACE short term movement is still bearish bias, until the Stochastic could break above 30%.

As circled at C, the MACD histogram is still falling, thus suggesting that the FBAMCE is still losing strength. The weakening movement of the FBAMCE is expected to carry on, until the MACD histogram should form a Rounding Bottom.

In conclusion, the FBMACE is still testing the dynamic resistance. If the FBMACE should start falling again after being resisted by the dynamic resistance, it would form a lower-high, which is a characteristic of a downtrend.

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