Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market analysis
Send to a Friend FBM ACE 18/03/2010
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As indicated by A, the FBMACE rebounded 11.57 points or 0.29% on Friday, after being supported by the 3939 or 1340 WinChart Automatic Fibonacci Retracement line. However, the 14, 21, 31 EMA is still serving as the dynamic resistance to the FBMACE, thus the technical outlook for the FBMACE remains weak.

Meanwhile, the Bollinger Bands stopped expanding, and this shows that the direction of the FBMACE is unclear.

As circled at B, the Stochastic remains below 30%, in the short term bearish territory. Therefore, the short term movement of the FBMACE is expected to remain weak, until the Stochastic could successfully break above 30%.

As indicated by C, the -DI line of the DMI is still above the +DI line, and this suggests that the recent fluctuation of the FBMACE was mostly negative, thus the DMI is showing a weakness for the FBMACE. Fortunately, the ADX line is falling now, and this will reduce the significance of the weak DMI signal.

In short, despite the support at 3940, the negative technical outlook for the FBMACE is still intact. The FBMACE is still at a risk of a downtrend, and the only factor that preventing it is the support of 3940.

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