Straits Index (M) Sdn Bhd
WinChart Technical Analysis
Daily Market Analysis
Send to a Friend FBM ACE 25/04/2010
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As indicated by A, the FBMACE opened gap up, but failed to sustain its earlier gains. At the close, the FBMACE only gained 27.46 points or 0.62%. Nevertheless, with the FBMACE above the 14, 21, 31 EMA, the technical outlook is still positive.

The FBMACE is still testing the resistance at 4431.77, and the next resistance is seen at 4553.32 WinChart Automatic Fibonacci Retracement. Support is at 4333 WinChart Automatic Fibonacci Retracement.

As circled at B, the Stochastic retreated further, but still above 70%. This suggests that the short term bullish signal for the FBMACE remains intact.

As indicated by C, the MACD histogram is still rising, and this suggests that the FBMACE is still gaining strength right now, and the improvement of the FBMACE is likely to continue until the MACD histogram is forming a Rounding Top.

In conclusion, technical outlook remains positive for the FBMACE. However, to have a healthy uptrend, consolidation or corrections are needed, and the key factor is that after every consolidation or correction, and if the FBMACE could stay be supported by the 14, 21, 31 EMA, the uptrend is expected to continue.

 

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