Straits Index (M) Sdn Bhd
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Daily Market analysis
Send to a Friend FBM ACE 13/04/2010
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As indicated by A, the FBMACE rebounded after finding its support at the 14, 21, 31 EMA dynamic support as well as the 4235 WinChart Automatic Fibonacci Retracement. The FBMACE rebounded 48.71 points or 1.14%, to close at 4305.79 points. The resistance for the FBMACE remains at 4333 WinChart Automatic Fibonacci Retracement.

As indicated by B, the Stochastic managed to break above 30%, leaving the short term bearish territory. If the Stochastic could return to above 70%, the short term bullish signal shall resume.

As indicated by C, although the MACD histogram has not formed a Rounding Bottom, it's falling pace is slowly down. If the MACD histogram should form a Rounding Bottom, it means that the FBMACE is picking up strength again.

In conclusion, after the technical correction, the FBMACE remains supported by the 14, 21, 31 EMA dynamic, thus the technical outlook remains positive. As long as the FBMACE could stay above the dynamic support, the short term uptrend which started in March is likely to continue.

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