Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market analysis
Send to a Friend FBM ACE 03/03/2010
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As shown on the chart above, the FBMACE rebounded slightly on Thursday, gaining 30.37 points or 0.77% to close at 3991.27 points. As indicated by A, the FBMACE is set to test the 14, 21, 31 EMA dynamic resistance, and the support for the FBMACE is at 3908 WinChart Automatic Fibonacci Retracement.

Meanwhile, the Bollinger Bands started to contract, contracting 8%, and this suggests that the FBMACE is about to consolidate, and if the Bollinger Bands should continue to contract, the FBMACE would consolidate further.

As circled at B, the Stochastic remains below 30%, in the short term bearish territory. This suggests that the market movement for the short term is still weak.

As circled at C, the MACD histogram stopped falling, and started to tick up. If the MACD histogram should continue rising, it would form a Rounding Bottom, and the rising of the MACD histogram suggests that the FBMACE is regaining some strength.

In conclusion, despite the rebound, the short term downtrend of the FBMACE remains intact, and provided that the FBMACE is still below the 14, 21, 31 EMA dynamic resistance, the technical outlook shall remains bearish biased.

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