Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market analysis
Send to a Friend FBM ACE 27/01/2010
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As indicated by A, the FBMACE was trading at a narrow range on Thursday, losing 9.6 points or 0.23%. At the moment, the 14, 21, 31 EMA is still serving as the dynamic resistance to the FBMACE while the support is still at 4190 WinChart Automatic Fibonacci Retracement.

Meanwhile, the Bollinger Bands is still contract, again not significant, it suggests that the FBMACE is consolidating, and the consolidation is expected to carry on until the Bollinger Bands should begin to re-expand.

As circled at B, the Stochastic remains below 30%, in the short term bearish territory. This suggests that the short term movement of the FBMACE is bearish biased, until the Stochastic could successfully break above 30%.

As circled at C, as the FBMACE is consolidating, the MACD histogram stopped falling, and it could be forming a Rounding Bottom. If the MACD histogram should form a Rounding Bottom, it would suggest that the FBMACE is picking up strength, thus an improvement signal.

In conclusion, despite the FBMACE is consolidating, the technical outlook remains weak, as the 14, 21, 31 EMA is still resisted by the 14, 21, 31 EMA.

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