Straits Index (M) Sdn Bhd
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Daily Market analysis
Send to a Friend FBM ACE 01/04/2010
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As indicated by A, the FBMACE retreated 12.07 points or 0.28%, to close at 4321.40 points. Resistance for the FBMACE remains at 4333 WinChart Automatic Fibonacci Retracement while the support is still at 4235 WinChart Automatic Fibonacci Retracement followed by the 14, 21, 31 EMA dynamic support.

As circled at B, the Stochastic continue to retreat, but still above the 70% level, this suggests that the short term bullish signal for the FBMACE is still intact.

As circled at C, the MACD histogram is still falling, thus forming a Rounding Top. The falling of the MACD histogram suggests that the FBMACE is losing strength, or it is a signal suggesting a consolidation for the FBMACE.

In conclusion, the FBMACE is likely to consolidate form here, but if it should stay above the 14, 21, 31 EMA, after the consolidation, it is likely to form a Higher-Low, which is a first characteristic of an uptrend formation.

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