Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market analysis
Send to a Friend FBM ACE 08/02/2010
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As circled at A, the FBMACE broke above the 20-day Bollinger Upper Band on Tuesday, and this suggests that the FBMACE movement was strong, but it is now getting over-heated. Therefore, a pull back effect is likely in the near future, which is a type of a technical correction. Resistance for the FBMACE is at 4790 WinChart Automatic Fibonacci Retracement while the support is at the 14, 21, 31 EMA dynamic support.

As circled at B, the Stochastic started falling, but still above 70%, and therefore, this suggests that the short term movement of the FBMACE is still bullish biased.

As circled at C, the MACD histogram is still rising. Technically, this suggests that the FBMACE is still gaining strength, and the improvement of the FBMACE is expected to be intact, until the MACD histogram should form a Rounding Top.

In conclusion, the short term movement of the FBMACE is still bullish biased, despite the chance of a pull-back. As long as it could stay above the 14, 21, 31 EMA, the technical outlook shall remain positive.

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