Straits Index (M) Sdn Bhd
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Send to a Friend FBM ACE 20/04/2010
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As indicated by A, the FBMACE rebounded 59.92 points or 1.42% on Wednesday, breaking above the 14, 21, 31 EMA dynamic resistance. Therefore, the short term technical outlook for the FBMACE turns to positive. Resistance for the FBMACE is at 4333 while the support is at 4113.

As indicated by B, the Stochastic also break above 30%, leaving the short term bearish territory. If the Stochastic could later break above 70%, it would be a short term bullish signal for the FBMACE.

As circled at C, the MACD histogram forms a Rounding Bottom, and technically, the rising of the MACD histogram suggests that the FBMACE is improving, and the improvement shall carry on until the MACD histogram forms a Rounding Top.

In short, the FBMACE is breaking away from its short term weakness, but it has not formed an uptrend. Not until it forms a higher-low, and later breaking above 4400, its recent high.

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