Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market analysis
Send to a Friend FBM ACE 06/01/2010
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As indicated by A, the FBMACE had its intra-day high reaching 4458.28 points, but profit taking pulled back the FBMACE, to give up most of its earlier gains, while closing only 4.35 points higher to 4427.14 points. Therefore, the immediate resistance for the FBMACE remains at 4476 WinChart Automatic Fibonacci Retracement while the support is still at 4318 WinChart Automatic Fibonacci Retracement.

Meanwhile, the 14, 21, 31 EMA is still serving as the dynamic support for the FBMACE. Also, the Bollinger Bands is still expanding, with the FBMACE above the Bollinger Middle Band. Therefore, the immediate technical outlook for the FBMACE is still positive.

As circled at B, the Stochastic retreated further on Thursday, but still above the 70%. Therefore, the market movement for the short term is expected to stay positive, unless the Stochastic should break below 70%.

As circled at C, the MACD histogram is still rising, thus not forming any Rounding Top yet. The rising of the MACD histogram suggests that the FBMACE is still picking up strength.

In conclusion, despite the FBMACE modest gain, the positive technical outlook remains intact. Even if the FBMACE should consolidate, it is only normal, for the FBMACE has been rising for 8 consecutive trading days.

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