Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market analysis
Send to a Friend FBM ACE 03/12/2010
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On Friday, the FBMACE was trading at a narrow range, losing 10.16 points or 0.24% to close at 4192.98 points. Therefore, the 4190 WinChart Automatic Fibonacci Retracement is still the immediate support for the FBMAC while the 14, 21, 31 EMA is still the dynamic resistance for the FBMACE.

The Bollinger Bands is still contacting, and this suggests that the FBMACE is still consolidating. However, immediate technical outlook for the FBMACE remains weak as the FBMACE is still below the Bollinger Middle Band.

As circled at B, the Stochastic remains below 30%, and the market movement for the short term is expected to stay weak, until the Stochastic could successfully break above 30%.

As circled at C, the MACD histogram is still rising gradually, and the Rounding Bottom is still in sight. The rising of the MACD histogram suggests that the FBMACE is still consolidating, and might be re-gaining some strength too.

In short, despite the FBMACE is consolidating, the technical outlook is still weak, as it is still below the Bollinger Middle Band, as well as the 14, 21, 31 EMA dynamic resistance. If the Bollinger Bands should re-expand with the FBMACE below the Bollinger Middle Band, more downside risk for the FBMACE is expected.

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