Straits Index (M) Sdn Bhd
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Send to a Friend FBM ACE 22/12/2010
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As indicated by A, the FBMACE had its intra-day high reaching 4323.52 points, but it was resisted by the 4318 WinChart Automatic Fibonacci Retracement, and the FBMACE retreated 41.05 points or 0.95%, to close at 4269.38 points. This means that the 4318 WinChart Automatic Fibonacci Retracement is still the resistance for the FBMACE, while the support is at 4190.

Meanwhile, as the FBMACE retreats, the Bollinger Bands also contracts 14%, and therefore, the contraction of the Bollinger Bands is suggesting that that FBMACE might consolidate again.

As circled at B, the Stochastic fell below 70% by margin, and technically, the Stochastic has to stay firmly above 70%, in order to sustain the short term bullish signal.

As circled at C, the MACD histogram stopped rising, and it might be forming a Rounding Top. If the MACD histogram should begin falling, it means that the FBMACE short term movement is losing strength.

In conclusion, the FBMACE has not totally breaking away from its consolidation. In short, the Bollinger Bands has to be expanded clearly, with the FBMACE above the Bollinger Middle Band, to signal a bullish biased movement.

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