Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market analysis
Send to a Friend FBM ACE 14/02/2010
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As indicated by A, since the rebound from the 14, 21, 31 EMA dynamic support, the FBMACE continued its rebound, gaining 33.06 points or 0.73%. For the moment, the 14, 21, 31 EMA is still serving as the dynamic support while the resistance is at 4749.80 WinChart Automatic Fibonacci Retracement.

Meanwhile, the Bollinger Bands is still contracting, and this suggests that the FBMACE still consolidating. Nevertheless, with the FBMACE above the Bollinger Middle Band, the immediate technical outlook for the FBMACE is on the positive side.

As circled at B, the Stochastic rebounded slightly on Monday, and therefore, it did not trigger any short term bearish signal. If the Stochastic could rebound to above 70%, it means that the short term movement of the FBMACE is likely to regain its strength.

As circled at C, the MACD histogram is still falling, but at a slower rate. If the MACD histogram should stop falling, and later tick up again, it means that the FBMACE is likely to resume its uptrend.

In conclusion, despite last week's technical correction, the uptrend of the FBMACE has not been violated. Technically, provided that the FBMACE could remain above the 14, 21, 31 EMA, the uptrend is likely to continue, and the FBMACE would have a chance to re-test the high of 4749.80.

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