Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market analysis
Send to a Friend FBM ACE 11/03/2010
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As indicated by A, the FBMACE continued falling after being resisted by the 14, 21, 31 EMA, and the 14, 21, 31 EMA is still serving as the dynamic resistance to the FBMACE. Support for the FBMACE is now at 3908 WinChart Automatic Fibonacci Retracement.

Meanwhile, the Bollinger Bands re-expanded 2%, though the expansion was not significant, the FBMACE is now below the Bollinger Middle Band, thus making the immediate technical outlook negative.

As circled at B, the Stochastic retreated, and set to test the 30%. If the Stochastic should break below 30%, it would be a short term bearish signal for the FBMACE.

As circled at C, the MACD histogram stopped rising, and it seems like it could be forming a Rounding Top. If the MACD histogram should form a Rounding Top, it means that the FBMACE is losing strength.

In conclusion, the technical outlook for the FBMACE is still negative. If the FBMACE should later break below 3908 support, it would mark a new low of almost 6 months, which by then, it would have fulfilled the downtrend characteristic, which is lower-high and new low.

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