Straits Index (M) Sdn Bhd
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Send to a Friend FBM ACE 28/12/2010
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As indicated by A, the FBMACE rebounded slightly on Tuesday, but it has not broken away from its sideways consolidation. Support for the FBMACE remains at 4190 WinChart Automatic Fibonacci Retracement while the resistance is still at 4318 WinChart Automatic Fibonacci Retracement.

Meanwhile, the Bollinger Bands is still contracting, and this suggests that the consolidation signal for the FBMACE is still intact. If the Bollinger Bands should re-expand with the FBMACE above the Bollinger Middle Band, it would be a positive signal for the FBMACE.

As circled at B, the Stochastic ticked up on Tuesday, breaking above 50%. If the Stochastic could break above 70%, it would be a short term bullish signal for the FBMACE.

As circled at C, the MACD histogram stopped falling, and ticked higher. Therefore, it has cancelled out the Rounding Top signal. If the MACD histogram should continue rising, it means that the FBMACE is picking up strength again.

In conclusion, the FBMACE has been consolidating for some time now, and until now, it has not really broken away from this trendless movement. However, since the Bollinger Bands is now very narrow, and this implies that the consolidation is near its end, and a new movement for the FBMACE is expected to begin in the near future.

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