Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market analysis
Send to a Friend FBM ACE 05/01/2010
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On Wednesday, the FBMACE gained another 28.07 points or 0.64%, to close at 4422.79 points. Resistance for the FBMACE is at 4476 WinChart Automatic Fibonacci Retracement while the support is at 4318 WinChart Automatic Fibonacci Retracement as well as the 14, 21, 31 EMA dynamic support.

Meanwhile, the Bollinger Bands expanded 17%, with the FBMACE above the Bollinger Middle Band, and therefore, the Bollinger Bands is still showing a bullish bias signal for the FBMACE.

As circled at B, the Stochastic retreated slightly, but it stays above 70%, thus suggesting that the short term bullish signal is still intact, and the market movement for the short term is likely to stay positive, until the Stochastic should break below 70%.

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

In conclusion, the technical outlook for the FBMACE is expected to stay positive as long as the FBMACE could stay above the rising 14, 21, 31 EMA dynamic support.

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