Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market analysis
Send to a Friend FBM ACE 23/03/2010
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As indicated by A, the FBMACE tested the 14, 21, 31 EMA again on Wednesday, gaining 52.24 points or 1.28%. The 14, 21 ,31 EMA is still serving as the dynamic resistance to the FBMACE while the support for the FBMACE is still at 3940 WinChart Automatic Fibonacci Retracement.

Meanwhile, the Bollinger Bands is still now expanding yet, and this suggests that the FBMACE is still at a consolidating stage. Nevertheless, with the FBMACE above the Bollinger Middle Band, the immediate technical outlook for the FBMACE is on the positive side.

As circled at B, the Stochastic breaks above 70%, entering the short term bullish territory. If the Stochastic could stay above the 70%, the short term movement for the FBMACE is expected to be on the positive side.

As circled at C, the MACD histogram is still rising, and the rising of the MACD histogram suggests that the FBMACE is picking up strength, thus the FBMACE movement is still improving. The improvement shall carry on until the MACD histogram should form a Rounding Top.

In short, despite the minor signs of improvement, the FBMACE has not really broken away from its downtrend, unless it could take out the 14, 21, 31 EMA dynamic resistance successfully.

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