Straits Index (M) Sdn Bhd
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Daily Market analysis
Send to a Friend FBM ACE 14/03/2010
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As shown on the chart above, the FBMACE ended slightly lower on Monday, losing 17.88 points or 0.44%. The 14, 21, 31 EMA is still the dynamic resistance to the FBMACE while the support is at 3939 WinChart Automatic Fibonacci Retracement.

Meanwhile, the Bollinger Bands is still contracting, and this suggests that the FBMACE is still consolidating; however, with weakness, because the FBMACE is below the Bollinger Middle Band.

As circled at B, the Stochastic has not broken below 30%, and if the Stochastic should break below 30%, it would be a short term bearish signal for the FBMACE.

As indicated by C, the MACD histogram has not formed a Rounding Top. Technically, if the MACD histogram should form a Rounding Top, it means that the FBMACE is losing strength, thus the risk of returning to its downtrend is higher.

In conclusion, despite consolidating, the weakness of the FBMACE remains intact, as it is still resisted by the 14, 21, 31 EMA as well as the Bollinger Middle Band.

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