Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market Analysis
Send to a Friend FBM ACE 22/04/2010
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As indicated by A, the FBMACE had its intra-day high breaking above the 4431.77 WinChart Automatic Fibonacci Retracement, but profit taking activities pull the FBMACE back below 4431.77 WinChart Automatic Fibonacci Retracement , to close at 4408.25 points, gaining 8.25 points or 0.19%. The resistance for the FBMACE is at 4431.77 while the support is at 14, 21 ,31 EMA dynamic support as well as the 4333.

As circled at B, the Stochastic retreated a little, but still holding up above the 70% level, and this suggests that the short term movement of the FBMACE is still bullish biased.

As circled at C, the MACD histogram is still rising, thus the Rounding Bottom is still sighted. Technically, the rising of the MACD histogram suggests that the FBMACE is still gaining strength.

In short, it is normal to have a correction or profit taking activities for the FBMACE after a strong gain. Provided that the FBMACE could stay above the 14, 21, 31 EMA dynamic support, the technical outlook shall remain positive, and the current short term uptrend is likely to be sustainable.

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