Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market analysis
Send to a Friend FBM ACE 15/03/2010
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As indicated by A, the FBMACE tested the 14-day EMA on Tuesday morning, but it was still resisted by the dynamic resistance, and ended the day 73.97 points or 1.83% lower. The 14, 21, 31 EMA is still the dynamic resistance to the FBMACE while the immediate support is at 3939 WinChart Automatic Fibonacci Retracement.

Meanwhile, the Bollinger Bands expanded 8%, with the FBMACE below the Bollinger Middle Band. Therefore, the immediate technical outlook is still negative for the FBMACE.

As circled at B, the Stochastic fell below 30%, entering the short term bearish territory. Technically, if the Stochastic should stay below 30%, the short term movement of the FBMACE is expected to be weak.

As indicated by C, the MACD histogram has not started falling, but it is not rising either. Therefore, it could be in the middle of forming a Rounding Top. If the MACD histogram should form a Rounding Top, it means that the FBMACE is turning weaker.

In short, as long as the FBMACE is still resisted by the 14, 21, 31 EMA, the technical outlook for the FBMACE shall remain weak. If the FBMACE should break below 3939 support, it would be making a new low of more than 5 months.

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