Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market analysis
Send to a Friend FBM ACE 04/03/2010
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As shown on the chart above, the FBMACE continued to rebound on Friday, gaining 72.50 points or 1.82%. The FBMACE is still testing the 4069 WinChart Automatic Fibonacci Retracement as well as the 14, 21, 31 EMA dynamic resistance, while the support remains at 3908 WinChart Automatic Fibonacci Retracement.

Meanwhile, the Bollinger Bands is still contracting, and this suggests that the FBMACE is entering its consolidation, and at the same time, the FBMACE is preparing for a new movement, until the Bollinger Bands should re-expands.

As circled at B, the Stochastic rebounded further, but it has not broken above 30%, thus the short term bearish signal remains intact.

As circled at C, the MACD histogram continues to rise, and forming a Rounding Bottom. The rising of the MACD histogram suggests that the FBMACE is picking up some strength, or the FBMACE movement is slightly improving.

The FBMACE is having its technical rebound at the moment, and this had helped preventing the downtrend from getting worse. However, technical outlook remains on the lower side, as the FBMACE is still staying below the falling 14, 21, 31 EMA.

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