Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market analysis
Send to a Friend FBM ACE 04/01/2010
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As indicated by A, the FBMACE continued rising, after breaking above the 4318 WinChart Automatic Fibonacci Retracement. On Tuesday, the FBMACE gained 35.23 points or 0.81%, to close at 4394.72 points. Meanwhile, the 14, 21, 31 EMA is still serving as the dynamic support for the FBMACE, and the next resistance for the FBMACE is seen at 4476 WinChart Automatic Fibonacci Retracement.

At the same time, the Bollinger Bands expanded 23%, with the FBMACE above the Bollinger Middle Band. Therefore, the Bollinger Bands is still showing a bullish bias signal. If the Bollinger Bands should begin to contract, it would be a signal suggesting a beginning of a consolidation.

As circled at B, the Stochastic stays above 70%, in the short term bullish territory. Technically, 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 therefore, it has not formed a Rounding Top. Technically, the rising of the MACD histogram suggests that the FBMACE is picking up strength, thus the short term movement is improving.

In conclusion, the FBMACE is gaining some strength after break away from its sideways consolidation. Provided that the FBMACE is still supported by the 14, 21, 31 EMA dynamic support, the technical outlook shall remain positive.

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