Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market analysis
Send to a Friend FBM ACE 30/03/2010
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As indicated by A, the FBMACE breaks above the 4333 WinChart Automatic Fibonacci Retracement resistance by margin on Wednesday, and the break out is yet to be confirmed. Nevertheless, with the 14, 21, 31 EMA still serving as the dynamic support, the technical outlook for the FBMACE is positive. Support for the FBMACE is seen at 4235 WinChart Automatic Fibonacci Retracement.

As circled at B, the Stochastic retreated slightly, but still staying above 70%, in the short term bullish territory. This suggests that the short term movement of the FBMACE is still positive, until the Stochastic should break below 70%, then it would be a signal suggesting a beginning of a technical correction.

As circled at C, the MACD histogram is still rising, and this suggests that the FBMACE is still picking up strength. If the MACD histogram should later form a Rounding Top, it would be a signal suggesting that the FBMACE is consolidating, or the FBMACE is losing strength.

In conclusion, since breaking above the 14, 21, 31 EMA, the FBMACE has been gaining for 5 straight days, and a technical correction is due to take place. However, if the FBMACE should retreated and later still supported by the 14, 21, 31 EMA, there is a good chance that the FBMACE could form a Higher-low.

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