Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market analysis
Send to a Friend FBM ACE 24/02/2010
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As indicated by A the FBMACE fell below the 4199 WinChart Automatic Fibonacci Retracement on Thursday, losing 180.19 points or 4.21%. Next support for the FBMACE is at 4069 while the resistance is 4199 WinChart Automatic Fibonacci Retracement followed by the 14, 21, 31 EMA dynamic resistance.

Meanwhile, the Bollinger Bands expanded 19% on Thursday, with the FBMACE below the Bollinger Middle Band. The Bollinger Bands is still suggesting a bearish biased signal for the FBMACE.

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 weak, until the Stochastic could successfully break above 30%.

As circled at C, the MACD histogram is still falling, and it has not formed a Rounding bottom. The falling of the MACD histogram suggests that the FBMACE is still losing strength, and the weakening of the FBMACE is expected to carry on until the MACD histogram should form a Rounding Bottom.

In conclusion, after breaking below the 14, 21, 31 EMA, the FBMACE technical outlook turns negative. Right now, the FBMACE is breaking a 4 months new low, and this will further dampen its technical outlook.

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