Straits Index (M) Sdn Bhd
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Daily Market Analysis
Send to a Friend FBM ACE 21/04/2010
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As indicated by A, the FBMACE gained 124.47 points on Thursday, after breaking above the 14, 21, 31 EMA on Wednesday. The FBMACE also broke above the 4333 WinChart Automatic Fibonacci Retracement, and now the next resistance is at 4431 WinChart Automatic Fibonacci Retracement while the support is at 4235.

As indicated by B, the Stochastic breaks above 70%, entering the short term bullish territory. Technically, provided that the Stochastic could sustain above 70%, the short term movement for the FBMACE is expected to be bullish biased.

As circled at C, the MACD histogram continues to tick up, and therefore, showing a Rounding Bottom formation. The rising of the MACD histogram suggests that the FBMACE is gaining strength, and the improvement shall carry on until the MACD histogram should form a Rounding Top.

In short, the FBMACE has formed a Higher-low, which is a first characteristic of an uptrend. If the FBMACE should remain supported by the rising 14, 21, 31 EMA, the uptrend is likely to be sustainable.

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