Meanwhile, the Bollinger Bands expanded 10%, with the FBMACE above the Bollinger Middle Band. Therefore, the immediate technical outlook for the FBMACE is bullish bias. However, the expansion of the Bollinger Bands is still insignificant for now.

As circled at B, the Stochastic breaks above 70% by margin, entering the short term bullish territory. If the Stochastic should stay above 70%, the market movement for the short term is expected to stay positive.

As circled at C, the MACD histogram is still rising, and this suggests that the FBMACE is picking up some strength, and the improvement of the FBMACE is expected to continue, until the MACD histogram should form a Rounding Top.

In conclusion, despite the gains of the FBMACE, it has not broken away from its consolidation. Technically, it has to break above 4318 WinChart Automatic Fibonacci Retracement, in order to break out from its trendless consolidation.

Find this analysis useful? Why not share it with others? Click Here to send this to a friend

Straits Index (M) Sdn Bhd
No. 16, Jalan LP 1A / 5, Lestari Perdana,
43300 Seri Kembangan, Selangor
Hotline: (03) 8941 6828  (5 lines)   Fax: (03) 8941 9828
Email: info@straitsindex.com
© Copyright 1997-2010 Straits Index (M) Sdn Bhd All rights reserved