Meanwhile, the Bollinger Bands contracted 1%, and this shows that the FBMACE is still contracting, but the immediate technical outlook remains on the lower side as the FBMACE is still below the Bollinger Middle Band.

As circled at B, the Stochastic continued its rebound, but still below 30%, in the short term bearish territory. If the Stochastic could break above 30%, it would mark a beginning of a technical rebound for the FBMACE.

As indicated by C, the MACD histogram is still rising, thus the Rounding Bottom signal is still in-sight. The rising of the MACD histogram suggests that the FBMACE is still improving, and the improvement of the FBMACE is expected to carry on until the MACD histogram should form a Rounding Top.

In conclusion, the consolidation of the FBMACE is still intact, and the technical outlook for the FBMACE remains weak, as the FBMACE is still below the Bollinger Middle Band, as well as the 14, 21, 31 EMA dynamic resistance.

Find this analysis useful? Why not share it with others? Click Here to send this to a friend

Straits Index (M) Sdn Bhd
No. 16, Jalan LP 1A / 5, Lestari Perdana,
43300 Seri Kembangan, Selangor
Hotline: (03) 8941 6828  (5 lines)   Fax: (03) 8941 9828
Email: info@straitsindex.com
© Copyright 1997-2010 Straits Index (M) Sdn Bhd All rights reserved