Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market analysis
Send to a Friend FBM ACE 04/04/2010
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As indicated by A, the FBMACE is still resisted by the 4333 WinChart Automatic Fibonacci Retracement on Monday, and ended 7.83 points lower. However, the 14, 21, 31 EMA is still serving as the dynamic support to the FBMACE, while the next support is seen at 4235 WinChart Automatic Fibonacci Retracement.

Meanwhile, the Bollinger Bands is now contracting, and this suggests that the FBMACE is consolidating, and the direction is expected to be unclear. The consolidation of the FBMACE will continue until the Bollinger Bands should re-expands.

As circled at B, the Stochastic is still falling, but it has not broken below 70%, thus the short term bullish signal remains intact. If the Stochastic should break below 70%, it would be a signal suggesting a beginning of a technical correction.

As circled at C, the MACD histogram is still falling, while the Rounding Top is still sighted. The falling of the MACD histogram suggests that the FBMACE is losing strength.

In conclusion, when the FBMACE is consolidating, technical indicators are likely to show negative signal, and this is normal. The important thing is that the FBMACE could still stay above the 14, 21, 31 EMA after the consolidation, and then, it would still have a chance to form a higher-low.

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