Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market analysis
Send to a Friend FBM ACE 22/03/2010
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As indicated by A, the FBMACE was resisted by the 14, 21, 31 EMA on Tuesday, losing 4.33 points or 0.11%. This shows that the 14, 21, 31 EMA is still serving as the dynamic resistance to the FBMACE, while the support for the FBMACE remains at 3940 WinChart Automatic Fibonacci Retracement.

Meanwhile, the Bollinger Bands is still not yet expanded, thus suggesting that the FBMACE direction is unclear, or the consolidation is still intact.

As circled at B, the Stochastic has not broken above 70%, and therefore, it is not yet showing any short term bullish signal for the FBMACE. Generally, with the Stochastic staying around 50%, the short term movement of the FBMACE is likely to be on the sideways movement.

As circled at C, the MACD histogram is still rising, and suggesting that the FBMACE movement is still improving, and the improvement of the FBMACE is expected to carry on until the MACD histogram should form a Rounding Top.

In short, despite the technical rebound after being supported by the 3940 level, the technical outlook for the FBMACE remains weak, unless it could take out the 14, 21, 31 EMA successfully.

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