Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market analysis
Send to a Friend FBM ACE 01/03/2010
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On Tuesday, the FBMACE rebounded in the morning, but it failed to sustain the early gains, and ended 28.72 points or 0.7% lower. As indicated by A, the FBMACE is now testing the 4069 WinChart Automatic Fibonacci Retracement, and if the FBMACE should break below this support, the next support will be found at 3908 and the 4000 psychological support. Resistance for the FBMACE is at the 14, 21, 31 EMA dynamic resistance.

Meanwhile, the Bollinger Bands has not started to contract, and with the FBMACE still below the Bollinger Middle Band, the immediate technical outlook for the FBMACE is still on the negative side.

As circled at B, the Stochastic remains below 30%, in the short term bearish territory, and this suggests that the short term movement of the FBMACE is still weak.

As circled at C, the MACD histogram is still falling, and this suggests that the FBMACE is still losing strength, and the weakening movement of the FBMACE shall continue until the MACD histogram should form a Rounding Bottom.

In conclusion, with the FBMACE below the 14, 21, 31 EMA dynamic resistance, the technical outlook for the FBMACE is still weak. If the FBMACE could rebound from 4069 WinChart Automatic Fibonacci Retracement, there is a chance for the FBMACE to consolidate.

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