Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market analysis
Send to a Friend FBM ACE 26/11/2010
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As indicated by A, the FBMACE opened at the 31-day EMA on Friday, and ended lower, losing 89.84 points or 2.06%. Therefore, the 14, 21, 31 EMA is still serving as the dynamic resistance to the FBMACE while the support is at 4190 WinChart Automatic Fibonacci Retracement.

Meanwhile, the Bollinger Bands is still expanding, with the FBMACE below the Bollinger Middle Band, thus the immediate technical outlook for the KLCI is still negative.

As circled at B, the Stochastic remains below 30%, and the short term bearish signal is still intact, suggesting that the short term movement for the FBMACE is expected to be weak, until the Stochastic could break above 30%.

As circled at C, the MACD histogram is still falling, and until now, it has not formed a Rounding Bottom. This falling of the MACD histogram suggests that the FBMACE is still losing strength, and the weakness of the FBMACE is expected to carry on until it could form a Rounding Bottom.

In short, as long as the FBMACE is resisted by the dynamic resistance, technical outlook for the FBMACE shall remains bearish bias.

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