Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market analysis
Send to a Friend FBM ACE 06/12/2010
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As indicated by A, the FBMACE fell below the 4190 WinChart Automatic Fibonacci Retracement, losing 49.23 points or 1.17% to close at 4143.75 points. As shown on the chart above, the 14, 21, 31 EMA is still serving as the dynamic resistance, while the next support is seen at 4062 WinChart Automatic Fibonacci Retracement.

Meanwhile, the Bollinger Bands is still contracting, and this suggests that the FBMACE is still consolidating, but the immediate technical outlook remains weak, as it is still below the Bollinger Middle Band.

As circled at B, the Stochastic stays below 30%, in the short term bearish region. Therefore, the short term movement of the FBMCE is expected to be weak, until the Stochastic could successfully break above 30%.

As circled at C, the MACD histogram is still rising, and this suggests that the FBMACE is consolidating, or the short term movement is improving. This signal is valid until the MACD histogram should form a Rounding Top.

Despite the Bollinger Bands and the MACD histogram are suggesting a consolidation signal, the technical outlook for the FBMACE remains weak.

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