Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market analysis
Send to a Friend FBM ACE 10/01/2010
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As indicated by A, the FBMACE had an intra-day low of 4428.26 points, but it managed to rebound before the market closed, and close at 4482.26 points, downed 10.20 points. As the FBMACE is still testing the 4476 WinChart Automatic Fibonacci Retracement, the break out signal is not yet confirmed. However, the 14, 21, 31 EMA is still serving as the dynamic support.

Meanwhile, the Bollinger Bands is still expanding, but only 6%. When compared to the previous expansion rate, it seems like the Bollinger Bands expansion is slowing down, and therefore, the Bollinger Bands might be contracting soon, which is a consolidation signal for the FBMACE.

As indicated by B, the Stochastic remains above 70%, in the short term bullish territory. Therefore, this suggests that the short term movement of the FBAMCE is still bullish biased.

As circled at C, the MACD histogram is still rising, but notably slowing down. If the MACD histogram should start falling, it would form a Rounding Top, which suggests that the FBMACE is losing strength.

In short, the FBMACE is likely to have a correction, but the overall technical outlook is still positive as the FBMACE is still supported by the 14, 21, 31 EMA.

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