Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market analysis
Send to a Friend FBM ACE 16/02/2010
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As indicated by A, the FBMACE continues to rebound on Wednesday, gaining 14.85 points or 0.33%, after being supported by the 14, 21, 31 EMA. This suggests that the 14, 21, 31 EMA is still serving as the dynamic support while the resistance is at 4749.8 WinChart Automatic Fibonacci Retracement.

Meanwhile, the Bollinger Bands is still contracting, and this suggests that the consolidation of the FBMACE is still intact. With the FBMACE above the Bollinger Middle Band, the immediate technical outlook for the FBMACE is positive.

As circled at B, the Stochastic rebounded but it has not broken above 70%, and therefore, it has not suggested any short term bullish signal for the FBMACE.

As circled at C, the MACD histogram is still falling, but in a rather gradual pace. This suggests that the FBMACE is still consolidating, until the MACD histogram should form a Rounding Bottom, then only it is a signal suggesting that the FBMACE is picking up strength again.

In conclusion, the FBMACE is still consolidating, while the uptrend has not been violated. Generally, if the FBMACE could remain supported by the 14, 21, 31 EMA dynamic support, the technical outlook is still positive, and the FBMACE would have a chance to re-test the 4749.8 resistance.

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