Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market analysis
Send to a Friend FBM ACE 21/12/2010
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As indicated by A, the FBMACE breaks above the 14, 21, 31 EMA on Tuesday, gaining 66.45 points to close at 4310.43 points. Therefore, the 14, 21, 31 EMA is now serving as the dynamic support, while the immediate resistance is seen at 4318 WinChart Automatic Fibonacci Retracement.

Meanwhile, the Bollinger Bands expanded 11%, with the FBMACE above the Bollinger Middle Band. Therefore, the Bollinger Bands is suggesting a bullish biased signal, and if the Bollinger Bands should continue to expand while the FBMACE stays above the Bollinger Middle Band, more upside movement is expected for the FBMACE.

As circled at B, t he Stochastic returned to 70%, entering the short term bullish territory. If the Stochastic could remain above 70%, the short term movement of the FBMACE is likely to stay positive.

As circled at C, the MACD histogram is still rising, thus not yet forming a Rounding Top. The rising of the MACD histogram suggests that the FBMACE is still picking up some strength.

In short, the FBMACE break above the 14, 21, 31 EMA and brings back the positive technical outlook. Provided that the FBMACE could remain supported by the 14, 21, 31 EMA, it is likely for the FBMACE to test the next resistance at 4476 WinChart Automatic Fibonacci Retracement.

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