Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market analysis
Send to a Friend FBM ACE 28/02/2010
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On Monday, the FBMACE started falling again, after a brief rebound last Friday. The FBMACE fell 87.71 points or 2.06%, while as indicated by A, the 14, 21, 31 EMA is still serving as the dynamic resistance to the FBMACE. Support for the FBMACE is at 4069 WinChart Automatic Fibonacci Retracement.

Meaning, the Bollinger Bands is still expanding, 9%, with the FBMACE remains below the Bollinger Middle Band. Therefore, the Bollinger Bands is still suggesting a bearish biased signal, until the Bollinger Bands should begin to contract.

As circled at B, the Stochastic failed to break above 30% last Friday, and as a result, it is still below 30%, in the short term bearish territory. This suggests that the short term movement of the FBMACE is still weak.

As circled at C, the MACD histogram is still falling, and the falling of the MACD histogram suggests that the FBMACE is still losing strength, thus the weakness shall remains intact, until the MACD histogram should form a Rounding Bottom.

In conclusion, the technical outlook for the FBMACE is still on the negative side, provided that it is still being resisted by the 14, 21, 31 EMA dynamic resistance. If the FBMACE should break below 4069 WinChart Automatic Fibonacci Retracement, more downside movement is likely for the FBMACE.

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