Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market analysis
Send to a Friend FBM ACE 29/11/2010
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As indicated by A, the FBMACE had its intra-day low touching 4217.02 points, and as it was getting near to the 4190 WinChart Automatic Fibonacci Retracement, it rebounded, and closing the day at 4276.29 points, gained 7.56 points. The 14, 21, 31 EMA is still serving as the dynamic resistance to the FBMACE while support is at 4190 WinChart Automatic Fibonacci Retracement.

Meanwhile, the Bollinger Bands contracted 6%, suggesting that the FBMACE is likely to consolidate from here. Consolidation of the FBMACE shall carry on if the Bollinger Bands should continue to contract; however, with the FBMACE below the Bollinger Middle Band, immediate technical outlook for the FBMACE remains bearish bias.

As circled at B, the Stochastic rebounded slightly, but it is still below 30%, in the short term bearish territory. Therefore, the short term market movement for the FBMACE remains weak.

AS circled at C, the MACD histogram has not formed a Rounding Bottom, and this suggests that the FBMACE is still losing strength. If the MACD histogram should form a Rounding Bottom, the rising MACD histogram means that the FBMACE is picking up some strength.

In conclusion, the FBMACE is likely to consolidate from here, but technical outlook remains weak as the FBMACE is still below the Bollinger Middle Band as well as the 14, 21, 31 EMA.

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