Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market analysis
Send to a Friend FBM ACE 30/12/2010
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On Thursday, the FBMACE gained 46.07 points or 1.07%, to close at 4347.56 points. As indicated by A, the FBMACE breaks above the 4318 WinChart Automatic Fibonacci Retracement, and therefore, it suggests that the FBMACE is breaking away from its consolidation. Next resistance for the FBMACE is at 4476 WinChart Automatic Fibonacci Retracement while the support is at 4318.

Meanwhile, the 14, 21, 31 EMA is resuming its role as a dynamic support for the FBMACE. If the FBMACE could sustain above the 14, 21, 31 EMA, the technical outlook shall stay positive.

As circled at B, the Stochastic is still rising, after breaking above 70%, and therefore, this suggests that the short term movement for the FBMACE is still positive.

As circled at C, the MACD histogram continue to rise, and the rising of the MACD histogram suggests that the FBMACE is still gaining strength. The improvement of the FBMACE is expected to carry on until the MACD histogram should form a Rounding Top.

In conclusion, the technical outlook for the FBMACE has turned back to positive. Provided that the FBMACE could stay above the 14, 21, 31 EMA, there is a good chance that the FBMACE would resume its uptrend.

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