Straits Index (M) Sdn Bhd
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Send to a Friend FBM ACE 21/02/2010
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As indicated by A, the FBMACE breaks below the 14, 21, 31 EMA on Monday, and as a result, the 14, 21, 31 EMA is now serving as the dynamic resistance to the FBMACE, and the next supports for the FBMACE are found at 4329 and 4199 WinChart Automatic Fibonacci Retracement, while the resistance is at 4490 WinChart Automatic Fibonacci Retracement, other than the 14, 21, 31 EMA.

Meanwhile, the Bollinger Bands is still contracting, and this suggests that the FBMACE is still consolidating. However, with the FBMACE below the Bollinger Middle Band, the immediate technical outlook is on the negative side.

As circled at B, the Stochastic falls below 30% again, re-entering the short term bearish territory. This suggests that the short term movement of the FBMACE is now bearish bias, and the weakening movement of the FBMACE is likely to continue until the Stochastic could break above 30%.

As circled at C, the MACD histogram is still falling, and now even breaking below zero. This suggests that the FBMACE is still losing strength, and the negative signal shall remains intact until the MACD histogram should form a Rounding Bottom.

In short, chances for the FBMACE to form a downtrend is higher now that the FBMACE has fallen below the 14, 21, 31 EMA. Technical outlook for the FBMACE is now bearish, until a valid break out above the 14, 21, 31 EMA.

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