Straits Index (M) Sdn Bhd
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Daily Market analysis
Send to a Friend FBM ACE 20/12/2010
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As indicated by A, the FBMACE was traded in a narrow range on Monday, gaining 0.17 of a point to close at 4243.98 points. The 14, 21, 31 EMA is serving as the dynamic resistance for the FBMACE, while the support is at 4190 WinChart Automatic Fibonacci Retracement.

Meanwhile, the Bollinger Bands is not yet expanding, and this suggests that the FBMACE is still consolidating, and the consolidation is expected to carry on until the re-expansion of the Bollinger Bands.

As circled at B, although the Stochastic is rising, it has not broken above 70%. Generally, if the FBMACE should consolidate in a sideways manner, the Stochastic is expected to fluctuate between 30% to 70%.

As circled at C, the MACD histogram is still rising and therefore, it has not formed a Rounding Top. Technically, when the MACD histogram is rising, it means that the FBMACE is basically still gaining strength.

In conclusion, the FBMACE is still consolidating, until the re-expansion of the Bollinger Bands. If the Bollinger Bands should expands with the FBMACE above the Bollinger Middle Band, it would be a bullish biased signal for the FBMACE, and the FBMACE would break away from its downtrend.

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