Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market analysis
Send to a Friend FBM ACE 10/12/2010
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On Friday, the FBMACE rebounded 75.54 points to close at 4261.36 points, breaking above the 4190 WinChart Automatic Fibonacci Retracement. However, as indicated by A, the FBMACE is resisted by the 14, 21, 31 EMA, which is the dynamic resistance. Therefore, this suggests that the technical outlook for the FBMACE remains weak. Support for the FBMACE is now at 4190.

Meanwhile, the Bollinger Bands is still contracting, and this implies that the FBMACE is still consolidating.

As circled at B, the Stochastic continued to climb, and broke above 30%. This marks a beginning of a technical rebound and the FBMACE is breaking away from its short term bearish territory.

As indicated by C, the MACD histogram is still rising, thus it suggests that the FBMACE is still picking up some strength. As long as the MACD histogram is still showing a Rounding Bottom, the improvement of the FBMACE shall carry on until the MACD histogram should form a Rounding Top.

Signs of improvement of the FBMACE is still intact, but however, the FBMACE has to break above the 14, 21, 31 EMA in order to break away from the bearish biased trend.

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