Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market analysis
Send to a Friend FBM ACE 07/03/2010
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As indicated by A, the FBMACE tested the 4069 WinChart Automatic Fibonacci Retracement on Monday, but failed to break above this resistance, and fell 37.86 points or 0.98 %. Other than the 4069 WinChart Automatic Fibonacci Retracement, the 14, 21, 31 EMA is still serving as the dynamic resistance to the FBMACE, while the support is at 3908 WinChart Automatic Fibonacci Retracement.

Meanwhile, the Bollinger Bands is still contracting, and this suggests that the FBMACE is still consolidating. However, the immediate technical outlook for the FBMACE is still on the negative side as the FBMACE is still below the Bollinger Middle Band.

As circled at B, the Stochastic failed to break above 30%, and the short term bearish signal for the FBMACE shall remains intact, suggesting a weak short term strength for the FBMACE.

As circled at C, the MACD histogram is still rising, while the Rounding Bottom is still visible. The rising of the MACD histogram suggests that the FBMACE is still picking up strength, and the improvement is likely to carry on until the MACD histogram should form a Rounding top.

In conclusion, the short term downtrend for the FBMACE remains intact, despite the consolidation of the FBMACE, for the FBMACE is still staying below the Bollinger Middle Band, as well as the 14, 21, 31 EMA dynamic resistance.

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