Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market analysis
Send to a Friend FBM ACE 14/01/2010
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As indicated by A, the FBMACE tested the 14, 21, 31 EMA dynamic support again on Friday, and the FBMACE rebounded 24.68 points or 0.56%. If the FBMACE should break above the 4476 WinChart Automatic Fibonacci Retracement resistance, it could resume its uptrend.

Meanwhile, the Bollinger Bands is still contracting, and this suggests that the FBMACE is still consolidating. If the Bollinger Bands should re-expand with the FBMACE above the Bollinger Middle Band, it would be a positive signal for the FBMACE.

As circled at B, the Stochastic rebounded and broke above 70% by margin on Friday. If the Stochastic could stay above 70%, the market movement for the short term would resume to bullish biased.

Despite the improvement signal from the Stochastic, the MACD histogram has not formed a Rounding Bottom. Therefore, the MACD histogram is still showing that the FBMACE is losing strength.

In short, after having technical correction for few days, the FBMACE is rebounding from the dynamic support, and if the FBMACE could break above the 4476 resistance, it would resume its uptrend.

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