Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market analysis
Send to a Friend FBM ACE 01/12/2010
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As indicated by A, the FBMACE had its intra-day low touching 4173.01. However, it was supported by the 4190 WinChart Automatic Fibonacci Retracement, and it rebounded slightly to close at 4209.55 points, losing only 5.35 points. The 14, 21, 31 EMA is still the dynamic resistance for the FBMACE, while the support remains at 4190 WinChart Automatic Fibonacci Retracement.

Meanwhile, the Bollinger Bands is still contracting, and this suggests that there is still a chance for the FBMACE to consolidate; but immediate technical outlook shall remain negative as the FBMACE is still below the Bollinger Middle Band.

As circled at B, the Stochastic is below 30%, in the short term bearish territory. The market movement for the short term is expected to stay negative unless the Stochastic could break above 30%.

As circled at C, the MACD histogram has stopped falling, and it is likely to form a Rounding Bottom. Technically, when the MACD histogram rises, it suggests that the FBMACE is picking up strength, or an improvement in the short term movement.

In conclusion, the FBMACE is likely to consolidate from here. However, the technical outlook has not changed to bullish yet. All rebound below the 14, 21, 31 EMA are considered only as technical rebound, not a reversal yet.

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