Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market analysis
Send to a Friend FBM ACE 12/04/2010
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As indicated by A, the FBMACE had its intra-day low breaking below the 14, 21, 31 EMA, but it managed to rebound before the market closes, and closing at the 14, 21 ,31 EMA level, losing 16.41 points or 0.38%. Support for the FBMACE is at 4235 WinChart Automatic Fibonacci Retracement while the resistances are at 4333 and 4431 WinChart Automatic Fibonacci Retracement respectively.

As indicated by B, the Stochastic rebounded slightly, but it failed to break above the 30% level, thus the Stochastic is still showing a short term bearish signal.

As indicated by C, the MACD histogram is still falling, and this suggests that the FBMACE is still losing strength, and the weakness of the FBMACE is expected to carry on until the MACD histogram should form a Rounding Bottom.

In conclusion, the FBMACE is now having its technical correction, and it is not yet forming a downtrend, for it has not formed a lower-high.

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