Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market analysis
Send to a Friend FBM ACE 07/01/2010
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As indicated by A, the FBMACE did not have any technical correction, but instead, it gained 65.32 points to close at 4492.46 points, and breaking above the 4476 WinChart Automatic Fibonacci Retracement by margin. However, the break out is yet to be confirmed. Nevertheless, the 14, 21, 31 EMA is still serving as the dynamic support for the FBMACE.

Meanwhile, the Bollinger Bands expanded further on Friday, with the FBMACE above the Bollinger Middle Band. Therefore, the Bollinger Bands is still showing a positive signal for the FBMACE.

As circled at B, the Stochastic touched 100% on Friday, and this suggests that the short term movement of the FBMACE is indeed bullish, but it is also getting over-heated. Nonetheless, with the Stochastic above 70%, the short term movement of the FBMACE is expected to be positive.

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

In conclusion, short term movement of the FBAMCE is over-heated, thus a sort of technical correction or consolidation is expected to take place in the near future. Provided that the FBMACE is still above the Bollinger Middle Band, the technical outlook for the FBMACE shall remain positive.

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