Straits Index (M) Sdn Bhd
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Daily Market analysis
Send to a Friend FBM ACE 31/03/2010
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As indicated by A, the FBMACE is still testing the 4333 WinChart Automatic Fibonacci Retracement, while the support for the FBMACE remains at 4235 WinChart Automatic Fibonacci Retracement, followed by the 14, 21 ,31 EMA dynamic support. Meanwhile, the Bollinger Bands started to contract, and this implies that the FBMACE could be consolidating.

As circled at B, the Stochastic retreated but remain above 70%, in the short term bullish territory. This suggests that the short term movement of the FBMACE is still positive.

As circled at C, the MACD histogram stopped rising, and if the MACD histogram should start falling, it would form a Rounding Top, which suggests that the FBMACE is losing strength, or a signal suggesting a technical correction for the FBMACE.

It is only normal if the FBMACE should have a technical correction, for it has been rising for more than a week. Generally, if the FBMACE should stay above the 14, 21, 31 EMA after the correction, it would have a chance to form a Higher-low.

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