Straits Index (M) Sdn Bhd
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Daily Market analysis
Send to a Friend FBM ACE 08/04/2010
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As indicated by A, the FBMACE was trading at a narrow range on Friday, closing with a gain of 12.21 points or 0.28%. The consolidation of the FBMACE remains intact, while the 14, 21, 31 EMA is still serving as the dynamic support to the FBMACE, and the resistance is at 4431 WinChart Automatic Fibonacci Retracement.

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

As indicated by C, the MACD histogram is still falling, and this suggests that the FBMACE is still losing strength, which is also means that the FBMACE consolidation is still intact. Nevertheless, the consolidation of the FBMACE shall continue until the MACD histogram should form a Rounding Bottom.

In conclusion, the direction for the FBMACE remains unclear, as it is still in a consolidation mode. Nevertheless, the technical outlook for the KLCI remains positive for now. Some conflicts of signal is possible during this sideways consolidation, and therefore, the priority of the analysis should be at the price movement, or the primary indicator.

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